Ulta Beauty (NASDAQ:ULTA) Upgraded at Zacks Investment Research

Ulta Beauty (NASDAQ:ULTAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $450.00 price objective on the specialty retailer’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 3.28% from the company’s current price.

According to Zacks, “Ulta Beauty has outpaced the industry in the past three months. The company has been benefiting from its omnichannel strength. Also, the skincare category has been gaining on consumers’ rising interest toward self-care. These upsides, along with cost-containment efforts, aided fourth-quarter fiscal 2021 results, wherein top and bottom lines grew year over year and beat the Zacks Consensus Estimate. All key categories posted double-digit year-over-year comp sales growth, led by the cycling of the prior year's pandemic-led disruption, solid execution of holiday plans and product newness. However, makeup trends remained challenged due to pandemic-led fluctuations. High SG&A costs are also a concern. Management expects SG&A and gross margin deleverage in fiscal 2022, which is likely to hit adjusted operating margin and the bottom line.”

ULTA has been the subject of several other reports. StockNews.com started coverage on shares of Ulta Beauty in a research report on Thursday, March 31st. They set a “hold” rating for the company. Barclays raised their target price on Ulta Beauty from $440.00 to $469.00 and gave the company an “overweight” rating in a report on Monday, March 14th. Credit Suisse Group reiterated a “buy” rating and issued a $455.00 target price on shares of Ulta Beauty in a research note on Friday, March 11th. Piper Sandler dropped their price target on shares of Ulta Beauty from $475.00 to $465.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Raymond James reduced their price objective on shares of Ulta Beauty from $485.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, January 26th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Ulta Beauty has a consensus rating of “Buy” and a consensus target price of $448.86.

NASDAQ:ULTA traded up $7.34 on Wednesday, hitting $435.71. The stock had a trading volume of 11,599 shares, compared to its average volume of 697,155. Ulta Beauty has a 52 week low of $299.77 and a 52 week high of $431.06. The business’s fifty day moving average is $385.43 and its 200 day moving average is $385.00. The company has a market cap of $22.80 billion, a PE ratio of 24.18, a P/E/G ratio of 2.18 and a beta of 1.65.

Ulta Beauty (NASDAQ:ULTAGet Rating) last issued its earnings results on Thursday, March 10th. The specialty retailer reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $4.56 by $0.85. Ulta Beauty had a return on equity of 54.42% and a net margin of 11.42%. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same period in the prior year, the firm earned $3.41 earnings per share. Ulta Beauty’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, analysts anticipate that Ulta Beauty will post 18.54 EPS for the current year.

In other Ulta Beauty news, insider Jodi J. Caro sold 5,340 shares of the business’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $384.54, for a total transaction of $2,053,443.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in Ulta Beauty by 690.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,085,120 shares of the specialty retailer’s stock worth $391,641,000 after acquiring an additional 947,858 shares during the last quarter. Norges Bank bought a new position in shares of Ulta Beauty in the fourth quarter worth approximately $202,400,000. BlackRock Inc. raised its stake in Ulta Beauty by 11.4% in the fourth quarter. BlackRock Inc. now owns 4,234,911 shares of the specialty retailer’s stock valued at $1,746,223,000 after purchasing an additional 434,595 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Ulta Beauty by 187.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 640,560 shares of the specialty retailer’s stock valued at $231,191,000 after purchasing an additional 417,705 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in Ulta Beauty by 102.5% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 455,034 shares of the specialty retailer’s stock worth $164,231,000 after buying an additional 230,320 shares in the last quarter. 88.92% of the stock is owned by institutional investors and hedge funds.

Ulta Beauty Company Profile (Get Rating)

Ulta Beauty, Inc operates as a retailer of beauty products in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; professional hair products; salon services, including hair, skin, makeup, and brow services; and nail services.

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