Ubiquiti (NYSE:UI) Posts Quarterly Earnings Results, Beats Estimates By $0.98 EPS

Ubiquiti (NYSE:UI) announced its quarterly earnings data on Friday. The company reported $3.46 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.98, FiscalAI reports. Ubiquiti had a return on equity of 166.22% and a net margin of 27.66%.The business had revenue of $733.77 million during the quarter, compared to the consensus estimate of $702.38 million.

Ubiquiti Stock Down 19.4%

Shares of NYSE UI traded down $147.07 during midday trading on Friday, hitting $612.50. The company had a trading volume of 381,186 shares, compared to its average volume of 133,130. The firm has a market capitalization of $37.06 billion, a price-to-earnings ratio of 52.04 and a beta of 1.50. Ubiquiti has a twelve month low of $255.00 and a twelve month high of $803.59. The business has a 50-day simple moving average of $671.75 and a two-hundred day simple moving average of $501.81.

Ubiquiti Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 17th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, November 17th. Ubiquiti’s dividend payout ratio (DPR) is currently 27.19%.

Analyst Ratings Changes

A number of brokerages recently issued reports on UI. Zacks Research downgraded shares of Ubiquiti from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Weiss Ratings restated a “hold (c+)” rating on shares of Ubiquiti in a report on Wednesday, October 8th. BWS Financial lifted their price objective on shares of Ubiquiti from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Barclays increased their target price on Ubiquiti from $247.00 to $299.00 and gave the company an “underweight” rating in a report on Friday, August 22nd. Finally, UBS Group set a $600.00 price target on Ubiquiti in a report on Monday, August 25th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $539.67.

Institutional Investors Weigh In On Ubiquiti

Several institutional investors have recently modified their holdings of UI. Cetera Investment Advisers acquired a new position in Ubiquiti during the second quarter worth $312,000. Legal & General Group Plc increased its position in shares of Ubiquiti by 23.2% in the second quarter. Legal & General Group Plc now owns 792 shares of the company’s stock valued at $326,000 after buying an additional 149 shares in the last quarter. Optimist Retirement Group LLC increased its position in shares of Ubiquiti by 7.9% in the second quarter. Optimist Retirement Group LLC now owns 836 shares of the company’s stock valued at $344,000 after buying an additional 61 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Ubiquiti by 28.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 900 shares of the company’s stock worth $370,000 after buying an additional 200 shares during the last quarter. Finally, Vident Advisory LLC boosted its position in shares of Ubiquiti by 42.5% in the 2nd quarter. Vident Advisory LLC now owns 932 shares of the company’s stock worth $384,000 after buying an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 4.00% of the company’s stock.

Ubiquiti Company Profile

Ubiquiti Inc develops networking technology for service providers, enterprises, and consumers. The company develops technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home, and personal use. Its service provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems, and routing and related software; and enterprise product platforms provide wireless LAN infrastructure, video surveillance products, switching and routing solutions, security gateways, door access systems, and other WLAN products.