Raymond James & Associates Sells 14,421 Shares of Ulta Magnificence, Inc. (NASDAQ:ULTA)

Daily SF NewsMarch 31, 2024

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Raymond James & Associates trimmed its holdings in shares of Ulta Beauty, Inc. (NASDAQ:ULTA – Free Report) by 19.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,994 shares of the specialty retailer’s stock after selling 14,421 shares during the period. Raymond James & Associates’ holdings in Ulta Beauty were worth $28,416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Ulta Beauty by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 5,886,434 shares of the specialty retailer’s stock valued at $2,344,096,000 after acquiring an additional 40,190 shares during the period. State Street Corp boosted its stake in shares of Ulta Beauty by 2.3% during the second quarter. State Street Corp now owns 2,043,315 shares of the specialty retailer’s stock valued at $961,574,000 after purchasing an additional 45,487 shares during the period. Morgan Stanley grew its holdings in shares of Ulta Beauty by 56.7% in the third quarter. Morgan Stanley now owns 1,538,533 shares of the specialty retailer’s stock worth $614,568,000 after purchasing an additional 556,809 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Ulta Beauty by 125.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,530,543 shares of the specialty retailer’s stock worth $717,932,000 after buying an additional 852,258 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Ulta Beauty by 1.8% in the first quarter. Geode Capital Management LLC now owns 1,100,246 shares of the specialty retailer’s stock worth $599,089,000 after buying an additional 19,467 shares during the period. 90.39% of the stock is owned by institutional investors.

Ulta Beauty Stock Up 1.8 %

ULTA stock opened at $522.88 on Friday. The business has a 50 day moving average of $527.01 and a 200 day moving average of $462.91. Ulta Beauty, Inc. has a twelve month low of $368.02 and a twelve month high of $574.76. The firm has a market cap of $25.24 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 2.07 and a beta of 1.31.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last issued its quarterly earnings results on Thursday, March 14th. The specialty retailer reported $8.08 earnings per share for the quarter, beating the consensus estimate of $7.49 by $0.59. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.53 billion. Ulta Beauty had a return on equity of 61.64% and a net margin of 11.52%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $6.68 earnings per share. On average, research analysts expect that Ulta Beauty, Inc. will post 26.94 earnings per share for the current fiscal year.

Ulta Beauty announced that its Board of Directors has initiated a stock 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 buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other 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 sale, the insider now owns 2,705 shares in the company, valued at $1,420,801.25. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Ulta Beauty news, Director Catherine Ann Halligan sold 500 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $526.26, for a total value of $263,130.00. Following the completion of the transaction, the director now owns 1,665 shares of the company’s stock, valued at approximately $876,222.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anita Jane Ryan sold 3,102 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 2,705 shares in the company, valued at approximately $1,420,801.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,552 shares of company stock valued at $12,920,326. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ULTA. UBS Group raised their price target on shares of Ulta Beauty from $575.00 to $690.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Robert W. Baird raised their target price on Ulta Beauty from $575.00 to $625.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Morgan Stanley upped their price target on Ulta Beauty from $480.00 to $525.00 and gave the company an “equal weight” rating in a research report on Friday, March 15th. Piper Sandler lifted their price objective on Ulta Beauty from $635.00 to $665.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Finally, Argus upped their target price on Ulta Beauty from $500.00 to $545.00 and gave the company a “buy” rating in a report on Wednesday, December 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $577.70.

Get Our Latest Report on Ulta Beauty

Ulta Beauty Company Profile

(Free Report)

Ulta Beauty, Inc operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services in the United States. It offers broad assortment of branded and private label beauty products including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools; and salon services, including hair, skin, makeup, and brow services, as well as nail services.