Cubist Systematic Strategies LLC Trims Stock Position in Ubiquiti Inc. $UI

Key Points

• Cubist Systematic Strategies LLC reduced its holdings in Ubiquiti Inc. by 63.7% during the first quarter, currently owning 4,906 shares valued at approximately $1.52 million.
• Large investors showed interest in Ubiquiti, with Northern Trust Corp raising its holdings by 54.2% and Jane Street Group increasing theirs by 826.2% during the fourth quarter.
• Ubiquiti recently increased its quarterly dividend from $0.60 to $0.80, with an annualized yield of 0.6%, and reported $3.54 earnings per share for the last quarter, exceeding estimates.

Cubist Systematic Strategies LLC reduced its position in shares of Ubiquiti Inc. (NYSE:UI - Free Report) by 63.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,906 shares of the company's stock after selling 8,601 shares during the period. Cubist Systematic Strategies LLC's holdings in Ubiquiti were worth $1,522,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund bought a new position in shares of Ubiquiti during the first quarter valued at about $571,000. Federated Hermes Inc. bought a new position in shares of Ubiquiti during the first quarter valued at about $404,000. Entropy Technologies LP bought a new stake in Ubiquiti in the first quarter worth about $327,000. SW Investment Management LLC raised its position in Ubiquiti by 7.4% in the first quarter. SW Investment Management LLC now owns 290,000 shares of the company's stock worth $89,941,000 after acquiring an additional 20,000 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in Ubiquiti in the fourth quarter worth about $484,000. 4.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

UI has been the topic of several research reports. Barclays lifted their price objective on shares of Ubiquiti from $247.00 to $299.00 and gave the stock an "underweight" rating in a research report on Friday, August 22nd. UBS Group set a $600.00 price objective on shares of Ubiquiti in a research report on Monday, August 25th. Finally, BWS Financial lifted their price objective on shares of Ubiquiti from $440.00 to $600.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ubiquiti currently has an average rating of "Hold" and an average price target of $499.67.

Ubiquiti Price Performance

Shares of UI traded down $8.17 during trading hours on Friday, hitting $604.69. The company's stock had a trading volume of 158,140 shares, compared to its average volume of 216,660. The company has a market cap of $36.58 billion, a price-to-earnings ratio of 51.38 and a beta of 1.42. The business has a 50 day simple moving average of $472.18 and a two-hundred day simple moving average of $394.26. Ubiquiti Inc. has a 52-week low of $201.26 and a 52-week high of $621.09.

Ubiquiti (NYSE:UI - Get Free Report) last posted its earnings results on Friday, August 22nd. The company reported $3.54 earnings per share for the quarter, topping the consensus estimate 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 net margin of 27.66% and a return on equity of 166.22%. During the same quarter last year, the company earned $1.74 earnings per share. Research analysts predict that Ubiquiti Inc. will post 7.21 earnings per share for the current year.

Ubiquiti Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.80 per share. This is an increase from Ubiquiti's previous quarterly dividend of $0.60. This represents a $3.20 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. Ubiquiti's dividend payout ratio is presently 27.19%.

Ubiquiti 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.