Ulta Magnificence (NASDAQ:ULTA) Worth Goal Minimize to $522.00 by Analysts at Canaccord Genuity Group

Daily SF NewsMay 30, 2024

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Ulta Beauty (NASDAQ:ULTA – Free Report) had its price objective decreased by Canaccord Genuity Group from $575.00 to $522.00 in a research note published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the specialty retailer’s stock.

Several other analysts have also issued reports on ULTA. Piper Sandler dropped their target price on shares of Ulta Beauty from $595.00 to $505.00 and set an overweight rating on the stock in a research report on Monday, May 20th. JPMorgan Chase & Co. lifted their price objective on Ulta Beauty from $535.00 to $600.00 and gave the stock an overweight rating in a report on Thursday, February 15th. Wells Fargo & Company reduced their target price on Ulta Beauty from $450.00 to $350.00 and set an underweight rating for the company in a report on Wednesday, April 24th. Oppenheimer lowered their price target on Ulta Beauty from $500.00 to $475.00 and set an outperform rating on the stock in a research note on Tuesday, May 7th. Finally, Citigroup reduced their price objective on Ulta Beauty from $485.00 to $400.00 and set a neutral rating for the company in a research note on Friday, May 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ulta Beauty has an average rating of Moderate Buy and an average price target of $518.52.

View Our Latest Report on Ulta Beauty

Ulta Beauty Stock Performance

Shares of NASDAQ ULTA opened at $378.28 on Wednesday. The company’s fifty day moving average price is $429.58 and its 200 day moving average price is $470.66. Ulta Beauty has a 1 year low of $368.02 and a 1 year high of $574.76. The company has a market capitalization of $18.13 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.59 and a beta of 1.36.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last issued its quarterly earnings data on Thursday, March 14th. The specialty retailer reported $8.08 EPS for the quarter, beating the consensus estimate of $7.49 by $0.59. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.53 billion. Ulta Beauty had a return on equity of 61.64% and a net margin of 11.52%. Ulta Beauty’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $6.68 earnings per share. On average, equities analysts expect that Ulta Beauty will post 26.35 EPS for the current year.

Ulta Beauty declared that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the specialty retailer to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Ulta Beauty

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

Institutional Trading of Ulta Beauty

A number of large investors have recently modified their holdings of the stock. Turtle Creek Wealth Advisors LLC purchased a new position in Ulta Beauty in the fourth quarter valued at $25,000. Loomis Sayles & Co. L P raised its position in Ulta Beauty by 364.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 65 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 51 shares in the last quarter. Vima LLC purchased a new position in shares of Ulta Beauty in the 4th quarter valued at about $27,000. BKM Wealth Management LLC acquired a new position in shares of Ulta Beauty during the fourth quarter worth about $28,000. Finally, VisionPoint Advisory Group LLC grew its holdings in Ulta Beauty by 7,300.0% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 74 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 90.39% of the company’s stock.

About Ulta Beauty

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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.