Convergence Investment Partners LLC Purchases New Stake in Ubiquiti Inc. (NYSE:UI)

Convergence Investment Partners LLC purchased a new stake in shares of Ubiquiti Inc. (NYSE:UI) in the fourth quarter, Holdings Channel reports. The firm purchased 6,569 shares of the company’s stock, valued at approximately $2,180,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zacks Investment Management purchased a new position in Ubiquiti during the 3rd quarter valued at $8,892,000. Pacer Advisors Inc. purchased a new position in Ubiquiti during the 3rd quarter valued at $7,030,000. Barclays PLC increased its position in Ubiquiti by 4,880.2% during the 3rd quarter. Barclays PLC now owns 13,347 shares of the company’s stock valued at $2,959,000 after purchasing an additional 13,079 shares during the period. Nisa Investment Advisors LLC purchased a new position in Ubiquiti during the 4th quarter valued at $3,050,000. Finally, Edgestream Partners L.P. purchased a new position in Ubiquiti during the 3rd quarter valued at $1,121,000. 4.00% of the stock is currently owned by institutional investors.

Ubiquiti Stock Performance

Shares of UI stock opened at $337.75 on Wednesday. Ubiquiti Inc. has a one year low of $104.24 and a one year high of $469.98. The company’s 50-day moving average is $369.77 and its 200 day moving average is $290.43. The company has a market capitalization of $20.43 billion, a price-to-earnings ratio of 45.89 and a beta of 1.14. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.98 and a current ratio of 2.22.

Ubiquiti (NYSE:UI) last announced its quarterly earnings data on Friday, February 14th. The company reported $2.26 EPS for the quarter, beating 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 quarter in the prior year, the business posted $1.36 EPS. Sell-side analysts expect that Ubiquiti Inc. will post 7.21 EPS for the current fiscal year.

Ubiquiti Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Tuesday, February 18th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.71%. The ex-dividend date is Tuesday, February 18th. Ubiquiti’s dividend payout ratio (DPR) is 32.61%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. StockNews.com raised shares of Ubiquiti from a “hold” rating to a “buy” rating in a research report on Sunday, November 17th. Barclays reduced their target price on shares of Ubiquiti from $236.00 to $222.00 and set an “underweight” rating on the stock in a research report on Monday, February 10th. Finally, BWS Financial reaffirmed a “buy” rating and issued a $440.00 target price on shares of Ubiquiti in a research report on Monday, February 10th.

Insider Activity at Ubiquiti

In related news, CAO Kevin Radigan sold 1,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $347.99, for a total transaction of $347,990.00. Following the sale, the chief accounting officer now directly owns 2,484 shares of the company’s stock, valued at approximately $864,407.16. This represents a 28.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 93.10% of the stock is currently owned by insiders.

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.