Share Buyback Plan Declared by Ulta Magnificence (NASDAQ:ULTA) Board

Daily SF NewsMarch 14, 2024

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Ulta Beauty (NASDAQ:ULTA – Get Free Report) announced that its Board of Directors has approved a share buyback program on Thursday, March 14th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Ulta Beauty Trading Down 0.3 %

Shares of NASDAQ ULTA opened at $565.44 on Friday. The stock has a market cap of $27.46 billion, a price-to-earnings ratio of 22.94, a P/E/G ratio of 2.29 and a beta of 1.31. Ulta Beauty has a 1-year low of $368.02 and a 1-year high of $574.76. The stock’s 50-day moving average is $517.40 and its 200 day moving average is $454.75.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last posted its earnings results on Thursday, March 14th. The specialty retailer reported $8.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.53 by $0.55. Ulta Beauty had a return on equity of 61.42% and a net margin of 11.37%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the previous year, the firm earned $6.68 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that Ulta Beauty will post 25.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ULTA has been the subject of several analyst reports. Loop Capital downgraded Ulta Beauty from a “buy” rating to a “hold” rating and set a $530.00 target price for the company. in a research report on Wednesday, February 14th. Piper Sandler raised their price target on Ulta Beauty from $540.00 to $572.00 and gave the stock an “overweight” rating in a research report on Friday, December 1st. Argus lifted their target price on Ulta Beauty from $500.00 to $545.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. Telsey Advisory Group reissued an “outperform” rating and issued a $600.00 target price on shares of Ulta Beauty in a research report on Monday, November 27th. Finally, DA Davidson boosted their target price on shares of Ulta Beauty from $495.00 to $530.00 and gave the stock a “buy” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $535.35.

Check Out Our Latest Analysis on ULTA

About Ulta Beauty

(Get 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.