Ulta Beauty (NASDAQ:ULTA) Price Target Lowered to $522.00 at Canaccord Genuity Group

Ulta Beauty (NASDAQ:ULTAFree Report) had its price target reduced by Canaccord Genuity Group from $575.00 to $522.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

Several other analysts have also recently commented on the stock. Piper Sandler decreased their price target on shares of Ulta Beauty from $595.00 to $505.00 and set an overweight rating on the stock in a research note on Monday, May 20th. Raymond James decreased their price target on shares of Ulta Beauty from $630.00 to $610.00 and set a strong-buy rating on the stock in a research note on Wednesday, April 3rd. Morgan Stanley boosted their price target on shares of Ulta Beauty from $480.00 to $525.00 and gave the stock an equal weight rating in a research note on Friday, March 15th. Citigroup decreased their price target on shares of Ulta Beauty from $485.00 to $400.00 and set a neutral rating on the stock in a research note on Friday, May 24th. Finally, Oppenheimer decreased their target price on shares of Ulta Beauty from $500.00 to $475.00 and set an outperform rating on the stock in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $507.30.

Check Out Our Latest Stock Analysis on Ulta Beauty

Ulta Beauty Stock Performance

ULTA opened at $395.09 on Wednesday. Ulta Beauty has a fifty-two week low of $368.02 and a fifty-two week high of $574.76. The firm’s fifty day moving average is $424.32 and its 200 day moving average is $470.61. The stock has a market cap of $18.94 billion, a price-to-earnings ratio of 15.17, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36.

Ulta Beauty (NASDAQ:ULTAGet Free Report) last released its earnings results on Thursday, May 30th. The specialty retailer reported $6.47 earnings per share for the quarter, beating analysts’ consensus estimates of $6.19 by $0.28. The company had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Ulta Beauty had a net margin of 11.13% and a return on equity of 59.30%. Ulta Beauty’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.88 EPS. On average, equities research analysts predict that Ulta Beauty will post 26.22 earnings per share for the current year.

Ulta Beauty declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Anita Jane Ryan sold 3,102 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $525.25, for a total transaction of $1,629,325.50. Following the completion of the sale, the insider now owns 2,705 shares of the company’s stock, valued at $1,420,801.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Kecia Steelman sold 20,950 shares of Ulta Beauty stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $526.39, for a total transaction of $11,027,870.50. Following the completion of the sale, the chief operating officer now directly owns 10,494 shares in the company, valued at $5,523,936.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anita Jane Ryan sold 3,102 shares of Ulta Beauty stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $525.25, for a total transaction of $1,629,325.50. Following the sale, the insider now owns 2,705 shares of the company’s stock, valued at $1,420,801.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,552 shares of company stock worth $12,920,326. Corporate insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Ulta Beauty

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Boston Partners lifted its stake in shares of Ulta Beauty by 47.7% during the first quarter. Boston Partners now owns 476,027 shares of the specialty retailer’s stock worth $246,862,000 after buying an additional 153,727 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Ulta Beauty by 18.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 64,588 shares of the specialty retailer’s stock valued at $33,772,000 after purchasing an additional 10,068 shares during the period. Cetera Advisors LLC lifted its position in Ulta Beauty by 201.3% during the first quarter. Cetera Advisors LLC now owns 4,134 shares of the specialty retailer’s stock valued at $2,162,000 after purchasing an additional 2,762 shares during the period. Cetera Investment Advisers lifted its position in Ulta Beauty by 34.3% during the first quarter. Cetera Investment Advisers now owns 13,471 shares of the specialty retailer’s stock valued at $7,044,000 after purchasing an additional 3,443 shares during the period. Finally, Swedbank AB acquired a new position in Ulta Beauty during the first quarter valued at $60,668,000. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Ulta Beauty Company Profile

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Ulta Beauty, Inc operates as a specialty beauty retailer in the United States. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications.

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