Ulta Beauty (NASDAQ:ULTA) Price Target Cut to $526.00 by Analysts at Canaccord Genuity Group

Ulta Beauty (NASDAQ:ULTA) had its target price decreased by Canaccord Genuity Group from $538.00 to $526.00 in a research report released on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the specialty retailer’s stock.

Several other research firms also recently weighed in on ULTA. B. Riley dropped their price target on Ulta Beauty from $430.00 to $330.00 and set a “neutral” rating for the company in a research report on Friday. Bank of America decreased their price objective on Ulta Beauty from $475.00 to $380.00 and set a “neutral” rating on the stock in a report on Friday. Piper Sandler decreased their price objective on Ulta Beauty from $425.00 to $364.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Company decreased their price objective on Ulta Beauty from $360.00 to $310.00 and set an “underweight” rating on the stock in a report on Friday. Finally, TD Cowen raised their price objective on Ulta Beauty from $450.00 to $480.00 and gave the stock a “hold” rating in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $431.13.

Ulta Beauty Stock Performance

Ulta Beauty stock opened at $357.48 on Friday. The stock has a fifty day moving average of $385.01 and a two-hundred day moving average of $386.94. The company has a market capitalization of $16.58 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 0.89 and a beta of 1.34. Ulta Beauty has a fifty-two week low of $309.01 and a fifty-two week high of $544.36.

Ulta Beauty (NASDAQ:ULTA) last released its quarterly earnings results on Thursday, March 13th. The specialty retailer reported $8.46 earnings per share for the quarter, topping the consensus estimate of $7.13 by $1.33. The company had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.47 billion. Ulta Beauty had a return on equity of 51.95% and a net margin of 10.58%. Ulta Beauty’s revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $8.08 earnings per share. On average, analysts forecast that Ulta Beauty will post 23.96 EPS for the current fiscal year.

Institutional Trading of Ulta Beauty

A number of hedge funds and other institutional investors have recently modified their holdings of ULTA. Impax Asset Management Group plc increased its position in shares of Ulta Beauty by 11.8% during the third quarter. Impax Asset Management Group plc now owns 93,419 shares of the specialty retailer’s stock worth $36,351,000 after acquiring an additional 9,863 shares during the last quarter. Sigma Planning Corp increased its position in shares of Ulta Beauty by 49.2% during the third quarter. Sigma Planning Corp now owns 1,159 shares of the specialty retailer’s stock worth $451,000 after acquiring an additional 382 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of Ulta Beauty by 44.7% during the third quarter. Apollon Wealth Management LLC now owns 1,399 shares of the specialty retailer’s stock worth $544,000 after acquiring an additional 432 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Ulta Beauty by 1.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 111,909 shares of the specialty retailer’s stock worth $43,546,000 after acquiring an additional 1,687 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Ulta Beauty by 24.9% in the third quarter. Oppenheimer & Co. Inc. now owns 9,907 shares of the specialty retailer’s stock valued at $3,855,000 after buying an additional 1,977 shares during the last quarter. 90.39% of the stock is owned by hedge funds and other institutional investors.

About Ulta Beauty

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.