Harvest Fund Management Increases Stake in Ubiquiti Inc. by 31.8%

Harvest Fund Management Co. Ltd has significantly increased its holdings in Ubiquiti Inc. (NYSE:UI) by 31.8% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm acquired an additional 1,327 shares, bringing its total ownership to 5,505 shares valued at approximately $3,636,000.

Other institutional investors have also made adjustments to their stakes in Ubiquiti. Exchange Traded Concepts LLC expanded its position by 31.0%, now holding 76 shares worth $50,000 after acquiring 18 shares in the same period. Meanwhile, SBI Securities Co. Ltd. boosted its investment by 200.0% in the second quarter, resulting in ownership of 165 shares valued at $68,000 after purchasing an additional 110 shares. Westside Investment Management Inc. also doubled its stake, owning 102 shares valued at $69,000, while EverSource Wealth Advisors LLC grew its holdings by 31.5%, now owning 142 shares worth $94,000.

Ubiquiti’s Stock Performance and Recent Dividend Announcement

As of the latest trading session, Ubiquiti’s stock opened at $756.72, and the company boasts a market capitalization of $45.80 billion. The stock has shown a PE ratio of 51.55 and a beta of 1.33. Over the past year, Ubiquiti’s stock has fluctuated between a low of $255.00 and a high of $803.59. Its 50-day moving average price is $652.80, while the 200-day moving average stands at $631.24.

In addition to its stock performance, Ubiquiti recently declared a quarterly dividend, which was paid on February 23, 2024. Shareholders on record as of February 17, 2024 received a dividend of $0.80 per share, equating to an annualized dividend of $3.20 and a yield of 0.4%. The company’s current dividend payout ratio (DPR) is 21.80%.

Analyst Ratings and Market Sentiment

Ubiquiti has recently garnered attention from various market analysts. Weiss Ratings reaffirmed a “hold (c+)” rating for the company in a report dated December 29, 2023. On the other hand, BWS Financial upgraded its stance to a “buy” rating, setting a price target of $720.00 in a research note published on February 9, 2024. Wall Street Zen also elevated its rating from “hold” to “buy” on March 1, 2024.

Barclays adjusted its target price for Ubiquiti from $455.00 to $527.00, maintaining an “underweight” rating as of February 6, 2024. In contrast, Zacks Research upgraded the stock from “hold” to “strong-buy” as of December 3, 2023. Currently, one analyst rates the stock as a Strong Buy, another as Buy, one as Hold, and one as Sell. According to data from MarketBeat.com, Ubiquiti holds a consensus rating of “Moderate Buy” with a target price of $615.67.

Ubiquiti Inc., headquartered in the United States, is a prominent technology company specializing in networking and wireless communication products tailored for enterprise, service provider, and consumer markets. Its extensive product range includes Wi-Fi access points, routers, gateways, managed Ethernet switches, and network management software, organized under well-known brands such as UniFi and AmpliFi, which emphasize integrated hardware and software solutions.

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