Jefferies Financial Group Comments on Ulta Beauty, Inc.’s Q2 2023 Earnings (NASDAQ:ULTA)

Ulta Beauty, Inc. (NASDAQ:ULTAGet Rating) – Research analysts at Jefferies Financial Group lifted their Q2 2023 earnings estimates for Ulta Beauty in a report released on Monday, July 25th. Jefferies Financial Group analyst S. Wissink now forecasts that the specialty retailer will post earnings per share of $5.00 for the quarter, up from their previous estimate of $4.13. Jefferies Financial Group currently has a “Buy” rating and a $475.00 price target on the stock. The consensus estimate for Ulta Beauty’s current full-year earnings is $20.07 per share. Jefferies Financial Group also issued estimates for Ulta Beauty’s Q4 2023 earnings at $4.79 EPS, Q1 2024 earnings at $6.90 EPS, Q2 2024 earnings at $5.56 EPS, Q4 2024 earnings at $5.19 EPS, FY2024 earnings at $22.00 EPS, Q1 2025 earnings at $7.59 EPS and FY2025 earnings at $24.25 EPS.

Ulta Beauty (NASDAQ:ULTAGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The specialty retailer reported $6.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.44 by $1.86. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Ulta Beauty had a net margin of 12.03% and a return on equity of 60.83%. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.10 EPS.

A number of other analysts have also recently issued reports on ULTA. JPMorgan Chase & Co. boosted their target price on Ulta Beauty from $460.00 to $480.00 in a report on Friday, May 27th. Citigroup increased their price objective on shares of Ulta Beauty from $393.00 to $425.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 31st. Credit Suisse Group upped their price target on shares of Ulta Beauty from $475.00 to $485.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 15th. Robert W. Baird raised their price objective on Ulta Beauty from $450.00 to $490.00 and gave the company an “outperform” rating in a research report on Friday, May 27th. Finally, Piper Sandler upped their target price on Ulta Beauty from $465.00 to $485.00 and gave the stock an “overweight” rating in a research report on Friday, May 27th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Ulta Beauty has a consensus rating of “Moderate Buy” and a consensus target price of $460.05.

Ulta Beauty Price Performance

Shares of NASDAQ:ULTA opened at $400.76 on Thursday. The business has a 50-day moving average of $394.30 and a two-hundred day moving average of $387.24. The firm has a market capitalization of $20.77 billion, a PE ratio of 19.83, a P/E/G ratio of 1.88 and a beta of 1.50. Ulta Beauty has a 12 month low of $330.80 and a 12 month high of $438.63.

Institutional Investors Weigh In On Ulta Beauty

A number of hedge funds have recently added to or reduced their stakes in ULTA. Dixon Hughes Goodman Wealth Advisors LLC acquired a new stake in shares of Ulta Beauty in the 4th quarter worth about $25,000. North Star Investment Management Corp. bought a new position in Ulta Beauty in the 4th quarter worth about $27,000. Private Capital Group LLC increased its stake in shares of Ulta Beauty by 265.0% in the second quarter. Private Capital Group LLC now owns 73 shares of the specialty retailer’s stock valued at $28,000 after purchasing an additional 53 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Ulta Beauty by 59.1% during the first quarter. Parkside Financial Bank & Trust now owns 70 shares of the specialty retailer’s stock valued at $28,000 after buying an additional 26 shares during the last quarter. Finally, Bank of New Hampshire acquired a new position in shares of Ulta Beauty during the first quarter worth approximately $29,000. 89.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Ulta Beauty news, CFO Scott M. Settersten sold 32,532 shares of the business’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $426.63, for a total transaction of $13,879,127.16. Following the completion of the sale, the chief financial officer now owns 14,037 shares in the company, valued at $5,988,605.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Ulta Beauty news, CFO Scott M. Settersten sold 32,532 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $426.63, for a total value of $13,879,127.16. Following the transaction, the chief financial officer now owns 14,037 shares of the company’s stock, valued at $5,988,605.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Kecia Steelman sold 13,199 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $405.02, for a total value of $5,345,858.98. Following the transaction, the chief operating officer now directly owns 16,627 shares of the company’s stock, valued at $6,734,267.54. The disclosure for this sale can be found here. Insiders have sold a total of 46,207 shares of company stock valued at $19,411,502 in the last quarter. Insiders own 2.00% of the company’s stock.

About Ulta Beauty

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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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Earnings History and Estimates for Ulta Beauty (NASDAQ:ULTA)

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