Canaccord Genuity Group Cuts Ulta Beauty (NASDAQ:ULTA) Price Target to $526.00

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

Several other research firms have also recently commented on ULTA. TD Cowen boosted their target price on Ulta Beauty from $450.00 to $480.00 and gave the stock a “hold” rating in a research note on Wednesday, January 8th. Oppenheimer lifted their price target on Ulta Beauty from $505.00 to $515.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. B. Riley decreased their price target on Ulta Beauty from $430.00 to $330.00 and set a “neutral” rating for the company in a report on Friday. William Blair downgraded Ulta Beauty from an “outperform” rating to a “market perform” rating in a report on Thursday, November 21st. Finally, DA Davidson decreased their price target on Ulta Beauty from $510.00 to $415.00 and set a “buy” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Ulta Beauty presently has an average rating of “Hold” and an average price target of $431.13.

Ulta Beauty Price Performance

ULTA opened at $357.48 on Friday. Ulta Beauty has a 12 month low of $309.01 and a 12 month high of $544.36. The stock 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. The business has a fifty day moving average price of $385.01 and a 200 day moving average price of $386.94.

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

Hedge Funds Weigh In On Ulta Beauty

Large investors have recently modified their holdings of the business. Prestige Wealth Management Group LLC raised its stake in shares of Ulta Beauty by 121.4% during the 4th quarter. Prestige Wealth Management Group LLC now owns 62 shares of the specialty retailer’s stock worth $27,000 after buying an additional 34 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of Ulta Beauty by 118.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 83 shares of the specialty retailer’s stock worth $32,000 after buying an additional 45 shares in the last quarter. Westside Investment Management Inc. increased its stake in Ulta Beauty by 151.5% in the 3rd quarter. Westside Investment Management Inc. now owns 83 shares of the specialty retailer’s stock valued at $32,000 after purchasing an additional 50 shares in the last quarter. Edge Capital Group LLC purchased a new position in Ulta Beauty in the 4th quarter valued at approximately $33,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Ulta Beauty in the 3rd quarter valued at approximately $41,000. 90.39% of the stock is owned by hedge funds and other institutional investors.

Ulta Beauty Company Profile

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.