Canaccord Genuity Group Boosts Ulta Beauty (NASDAQ:ULTA) Price Target to $600.00

Ulta Beauty (NASDAQ:ULTA) had its price target boosted by analysts at Canaccord Genuity Group from $542.00 to $600.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 18.17% from the company’s previous close.

A number of other brokerages have also commented on ULTA. Barclays raised their target price on shares of Ulta Beauty from $327.00 to $485.00 and gave the stock an “equal weight” rating in a research report on Monday, June 2nd. Robert W. Baird increased their price objective on Ulta Beauty from $440.00 to $525.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. DA Davidson lifted their target price on Ulta Beauty from $550.00 to $585.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer upped their target price on Ulta Beauty from $465.00 to $510.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Wall Street Zen upgraded Ulta Beauty from a “hold” rating to a “buy” rating in a research note on Saturday, June 28th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $469.09.

Ulta Beauty Stock Down 1.4%

Shares of Ulta Beauty stock opened at $507.73 on Friday. The stock’s fifty day moving average is $475.19 and its two-hundred day moving average is $411.51. Ulta Beauty has a 52 week low of $309.01 and a 52 week high of $523.68. The company has a market capitalization of $22.82 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 3.07 and a beta of 1.12.

Ulta Beauty (NASDAQ:ULTA) last issued its earnings results on Thursday, May 29th. The specialty retailer reported $6.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.73 by $0.97. The firm had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.79 billion. Ulta Beauty had a net margin of 10.45% and a return on equity of 49.73%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned $6.47 earnings per share. As a group, research analysts anticipate that Ulta Beauty will post 23.96 earnings per share for the current year.

Institutional Trading of Ulta Beauty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Ulta Beauty by 128.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,225,023 shares of the specialty retailer’s stock valued at $449,021,000 after buying an additional 688,267 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Ulta Beauty by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,199,935 shares of the specialty retailer’s stock worth $520,587,000 after acquiring an additional 11,205 shares during the last quarter. Capital World Investors purchased a new stake in shares of Ulta Beauty during the fourth quarter worth about $430,674,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of Ulta Beauty by 64.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 931,557 shares of the specialty retailer’s stock valued at $341,453,000 after acquiring an additional 366,147 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Ulta Beauty by 81.7% in the 1st quarter. JPMorgan Chase & Co. now owns 913,600 shares of the specialty retailer’s stock valued at $334,871,000 after purchasing an additional 410,900 shares during the last quarter. Hedge funds and other institutional investors own 90.39% of the company’s stock.

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.