Balboa Wealth Partners Sells 406 Shares of Ubiquiti Inc. $UI

Key Points

• Balboa Wealth Partners reduced its holdings in Ubiquiti Inc. by 11.8%, selling 406 shares and retaining a total of 3,028 shares worth approximately $1,246,000.
• Analyst ratings on Ubiquiti vary, with a price target increase from BWS Financial to $720.00, while Barclays set a lower target of $299.00.
• Ubiquiti recently declared a quarterly dividend of $0.80 per share, marking an increase from the previous dividend of $0.60, with a yield of 0.4%.

Balboa Wealth Partners lessened its position in shares of Ubiquiti Inc. (NYSE:UI - Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,028 shares of the company's stock after selling 406 shares during the quarter. Balboa Wealth Partners' holdings in Ubiquiti were worth $1,246,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of UI. Golden State Wealth Management LLC bought a new position in shares of Ubiquiti during the 1st quarter worth approximately $25,000. Brooklyn Investment Group increased its stake in Ubiquiti by 78.8% during the 1st quarter. Brooklyn Investment Group now owns 93 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Main Street Group LTD acquired a new position in Ubiquiti during the 2nd quarter valued at approximately $41,000. Iron Horse Wealth Management LLC acquired a new position in Ubiquiti during the 2nd quarter valued at approximately $54,000. Finally, GAMMA Investing LLC increased its stake in Ubiquiti by 20.5% during the 2nd quarter. GAMMA Investing LLC now owns 159 shares of the company's stock valued at $65,000 after purchasing an additional 27 shares in the last quarter. Institutional investors own 4.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on UI. BWS Financial upped their price target on shares of Ubiquiti from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Monday, October 13th. UBS Group set a $600.00 price target on shares of Ubiquiti in a research note on Monday, August 25th. Weiss Ratings restated a "hold (c+)" rating on shares of Ubiquiti in a research note on Wednesday, October 8th. Finally, Barclays upped their price target on shares of Ubiquiti from $247.00 to $299.00 and gave the company an "underweight" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $539.67.

Ubiquiti Price Performance

UI stock opened at $749.67 on Monday. The firm's fifty day simple moving average is $588.80 and its 200-day simple moving average is $456.63. The company has a market capitalization of $45.35 billion, a P/E ratio of 63.69 and a beta of 1.44. Ubiquiti Inc. has a 12 month low of $245.00 and a 12 month high of $773.95.

Ubiquiti (NYSE:UI - Get Free Report) last released its quarterly earnings data on Friday, August 22nd. The company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.23 by $1.31. The business had revenue of $759.15 million for the quarter, compared to the consensus estimate of $618.80 million. Ubiquiti had a net margin of 27.66% and a return on equity of 166.22%. During the same period in the prior year, the firm earned $1.74 EPS. As a group, sell-side analysts forecast that Ubiquiti Inc. will post 7.21 earnings per share for the current year.

Ubiquiti Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 0.4%. This is a boost from Ubiquiti's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Tuesday, September 2nd. Ubiquiti's payout ratio is currently 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.

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