Ubiquiti (NYSE:UI) Trading 8.7% Higher After Better-Than-Expected Earnings

Ubiquiti Inc. (NYSE:UI)’s stock price shot up 8.7% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $377.00 and last traded at $384.08. 44,795 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 80,885 shares. The stock had previously closed at $353.24.

The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. Ubiquiti had a net margin of 20.68% and a return on equity of 296.82%. During the same period in the previous year, the company earned $1.36 EPS.

Wall Street Analyst Weigh In

Several brokerages recently commented on UI. Barclays cut their price objective on Ubiquiti from $236.00 to $222.00 and set an “underweight” rating for the company in a report on Monday, February 10th. BWS Financial reaffirmed a “buy” rating and set a $440.00 price target on shares of Ubiquiti in a research report on Friday, April 4th.

Insider Activity

In other news, CAO Kevin Radigan sold 1,000 shares of Ubiquiti stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $347.99, for a total transaction of $347,990.00. Following the transaction, the chief accounting officer now directly owns 2,484 shares of the company’s stock, valued at $864,407.16. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 93.10% of the company’s stock.

Institutional Investors Weigh In On Ubiquiti

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in shares of Ubiquiti in the first quarter worth approximately $25,000. Versant Capital Management Inc lifted its stake in shares of Ubiquiti by 484.2% during the 1st quarter. Versant Capital Management Inc now owns 111 shares of the company’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Ubiquiti by 47.0% in the 4th quarter. Farther Finance Advisors LLC now owns 122 shares of the company’s stock worth $40,000 after buying an additional 39 shares during the period. Venturi Wealth Management LLC increased its stake in Ubiquiti by 71.1% in the 4th quarter. Venturi Wealth Management LLC now owns 130 shares of the company’s stock worth $43,000 after buying an additional 54 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Ubiquiti by 78.8% during the fourth quarter. Blue Trust Inc. now owns 143 shares of the company’s stock valued at $47,000 after acquiring an additional 63 shares during the period. 4.00% of the stock is owned by hedge funds and other institutional investors.

Ubiquiti Stock Up 16.1 %

The firm has a market capitalization of $24.80 billion, a PE ratio of 55.71 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.22 and a quick ratio of 0.98. The company has a 50-day moving average price of $315.01 and a 200 day moving average price of $335.60.

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.