Ubiquiti (NYSE:UI) Reaches New 52-Week High - Should You Buy?

Key Points

• Ubiquiti's stock reached a new 52-week high of $488.79, last trading at $484.31, following a previous close of $475.22.
• Analyst reports indicate a range of price objectives for Ubiquiti, with BWS Financial maintaining a "buy" rating at $440, while Barclays upgraded their target to $247 but rated it "underweight".
• Notably, several hedge funds have recently increased their stakes in Ubiquiti, with Russell Investments Group boosting its position by 60.5% in Q4.

Ubiquiti Inc. (NYSE:UI - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $488.79 and last traded at $484.31, with a volume of 79616 shares. The stock had previously closed at $475.22.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on UI. BWS Financial restated a "buy" rating and set a $440.00 price target on shares of Ubiquiti in a report on Friday, July 11th. Barclays upped their target price on Ubiquiti from $222.00 to $247.00 and gave the company an "underweight" rating in a report on Monday, May 12th.

Ubiquiti Stock Performance

The company has a 50-day simple moving average of $421.46 and a two-hundred day simple moving average of $372.20. The firm has a market capitalization of $24.29 billion, a P/E ratio of 44.12 and a beta of 1.35.

Institutional Trading of Ubiquiti

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in Ubiquiti by 133.9% in the 1st quarter. AQR Capital Management LLC now owns 232,015 shares of the company's stock worth $70,521,000 after purchasing an additional 132,816 shares in the last quarter. TD Asset Management Inc purchased a new position in Ubiquiti in the first quarter worth about $34,013,000. Long Walk Management LP bought a new position in shares of Ubiquiti in the second quarter worth approximately $28,480,000. Epoch Investment Partners Inc. purchased a new stake in shares of Ubiquiti during the first quarter valued at approximately $18,897,000. Finally, Pacer Advisors Inc. increased its position in shares of Ubiquiti by 76.2% during the first quarter. Pacer Advisors Inc. now owns 108,934 shares of the company's stock valued at $33,785,000 after acquiring an additional 47,109 shares in the last quarter. 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.