Ubiquiti (NYSE:UI) Reaches New 12-Month High - Still a Buy?

Key Points

• Ubiquiti's stock price hit a new 52-week high reaching $470.47, showing significant trading activity with over 13,000 shares exchanged.
• Analysts have updated their price targets, with Barclays raising theirs from $222 to $247, while BWS Financial set a target of $440 with a "buy" rating.
• The company recently announced a quarterly dividend of $0.60, translating to an annual yield of 0.52%, with a payout ratio of 26.43%.

Ubiquiti Inc. (NYSE:UI - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $470.47 and last traded at $469.49, with a volume of 13072 shares changing hands. The stock had previously closed at $459.50.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on UI. Barclays boosted their price target on Ubiquiti from $222.00 to $247.00 and gave the company an "underweight" rating in a research note on Monday, May 12th. BWS Financial reaffirmed a "buy" rating and issued a $440.00 price objective on shares of Ubiquiti in a report on Friday, July 11th.

Ubiquiti Stock Performance

The stock has a market capitalization of $25.58 billion, a price-to-earnings ratio of 46.39 and a beta of 1.34. The company has a fifty day simple moving average of $410.87 and a two-hundred day simple moving average of $369.54.

Ubiquiti Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Monday, May 19th were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $2.40 annualized dividend and a yield of 0.6%. Ubiquiti's payout ratio is currently 26.43%.

Hedge Funds Weigh In On Ubiquiti

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in shares of Ubiquiti by 133.9% during the 1st quarter. AQR Capital Management LLC now owns 232,015 shares of the company's stock worth $70,521,000 after buying an additional 132,816 shares in the last quarter. TD Asset Management Inc acquired a new position in shares of Ubiquiti during the 1st quarter worth $34,013,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Ubiquiti by 926.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 113,305 shares of the company's stock worth $37,609,000 after buying an additional 102,268 shares in the last quarter. Epoch Investment Partners Inc. acquired a new position in shares of Ubiquiti during the 1st quarter worth $18,897,000. Finally, Norges Bank acquired a new position in shares of Ubiquiti during the 4th quarter worth $16,166,000. 4.00% of the stock is owned by institutional investors and hedge funds.

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.