AQR Capital Management LLC Acquires 132,816 Shares of Ubiquiti Inc. $UI

Key Points

• AQR Capital Management increased its stake in Ubiquiti Inc. by 133.9%, owning approximately $70.52 million worth of shares after acquiring an additional 132,816 shares.
• Ubiquiti reported a net income of $3.54 EPS for the recent quarter, significantly exceeding analysts' expectations of $2.23 EPS, while revenue reached $759.15 million.
• The company announced a quarterly dividend increase to $0.80 per share, up from $0.60, which represents an annualized dividend of $3.20 and a yield of 0.6%.

AQR Capital Management LLC increased its position in Ubiquiti Inc. (NYSE:UI - Free Report) by 133.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 232,015 shares of the company's stock after acquiring an additional 132,816 shares during the quarter. AQR Capital Management LLC owned about 0.38% of Ubiquiti worth $70,521,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Maverick Capital Ltd. purchased a new stake in Ubiquiti in the 1st quarter worth about $1,293,000. Twin Tree Management LP purchased a new stake in Ubiquiti in the 1st quarter worth about $116,000. Vident Advisory LLC purchased a new stake in Ubiquiti in the 1st quarter worth about $203,000. CreativeOne Wealth LLC increased its holdings in Ubiquiti by 6.9% in the 1st quarter. CreativeOne Wealth LLC now owns 789 shares of the company's stock worth $245,000 after acquiring an additional 51 shares during the last quarter. Finally, Epoch Investment Partners Inc. purchased a new stake in Ubiquiti in the 1st quarter worth about $18,897,000. Hedge funds and other institutional investors own 4.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. UBS Group set a $600.00 price objective on Ubiquiti in a report on Monday, August 25th. Barclays raised their target price on Ubiquiti from $247.00 to $299.00 and gave the stock an "underweight" rating in a research note on Friday, August 22nd. Finally, BWS Financial raised their target price on Ubiquiti from $440.00 to $600.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $499.67.

Ubiquiti Stock Performance

NYSE UI traded up $6.26 during trading hours on Monday, hitting $583.31. The company had a trading volume of 155,832 shares, compared to its average volume of 211,555. The firm has a market capitalization of $35.28 billion, a price-to-earnings ratio of 49.56 and a beta of 1.42. The firm has a 50 day simple moving average of $457.02 and a 200 day simple moving average of $387.30. Ubiquiti Inc. has a 52 week low of $189.76 and a 52 week high of $588.68.

Ubiquiti (NYSE:UI - Get Free Report) last issued its quarterly earnings results on Friday, August 22nd. The company reported $3.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $1.31. The firm had revenue of $759.15 million during the quarter, compared to the consensus estimate of $618.80 million. Ubiquiti had a return on equity of 166.22% and a net margin of 27.66%.During the same quarter last year, the company posted $1.74 EPS. On average, research analysts forecast that Ubiquiti Inc. will post 7.21 earnings per share for the current year.

Ubiquiti Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.80 per share. This is a boost from Ubiquiti's previous quarterly dividend of $0.60. The ex-dividend date is Tuesday, September 2nd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.5%. Ubiquiti's dividend payout ratio is 27.19%.

About Ubiquiti

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.