Canaccord Genuity Group Cuts Ulta Beauty (NASDAQ:ULTA) Price Target to $510.00

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its target price cut by analysts at Canaccord Genuity Group from $526.00 to $510.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the specialty retailer's stock. Canaccord Genuity Group's price target would indicate a potential upside of 25.22% from the stock's previous close.

Several other research analysts have also commented on ULTA. B. Riley cut their price target on shares of Ulta Beauty from $430.00 to $330.00 and set a "neutral" rating on the stock in a report on Friday, March 14th. Stifel Nicolaus reduced their target price on shares of Ulta Beauty from $475.00 to $400.00 and set a "hold" rating on the stock in a research report on Friday, March 14th. DA Davidson reaffirmed a "buy" rating and set a $415.00 price target on shares of Ulta Beauty in a research note on Wednesday, April 16th. Bank of America cut their price objective on shares of Ulta Beauty from $475.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, March 14th. Finally, Truist Financial raised their target price on Ulta Beauty from $364.00 to $386.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Ulta Beauty presently has an average rating of "Hold" and a consensus target price of $423.33.

Ulta Beauty Stock Up 0.6%

Shares of ULTA stock traded up $2.55 during trading hours on Thursday, hitting $407.30. 58,235 shares of the company were exchanged, compared to its average volume of 1,048,445. Ulta Beauty has a 1 year low of $309.01 and a 1 year high of $460.00. The firm has a fifty day moving average of $375.08 and a 200 day moving average of $386.19. The firm has a market cap of $18.39 billion, a PE ratio of 16.30, a PEG ratio of 0.89 and a beta of 1.06.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The specialty retailer reported $8.46 earnings per share for the quarter, beating analysts' consensus estimates of $7.13 by $1.33. The company had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.47 billion. Ulta Beauty had a net margin of 10.58% and a return on equity of 51.95%. Ulta Beauty's revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the business earned $8.08 EPS. Analysts expect that Ulta Beauty will post 23.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jodi J. Caro sold 902 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $369.16, for a total value of $332,982.32. Following the transaction, the insider now owns 7,632 shares of the company's stock, valued at approximately $2,817,429.12. This trade represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.39% of the company's stock.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prestige Wealth Management Group LLC increased its position in Ulta Beauty by 121.4% in the fourth 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. American National Bank & Trust purchased a new stake in Ulta Beauty in the 1st quarter worth approximately $29,000. Wayfinding Financial LLC bought a new stake in Ulta Beauty during the 1st quarter worth approximately $31,000. Rakuten Securities Inc. lifted its holdings in Ulta Beauty by 218.5% during the first quarter. Rakuten Securities Inc. now owns 86 shares of the specialty retailer's stock valued at $32,000 after purchasing an additional 59 shares in the last quarter. Finally, Edge Capital Group LLC bought a new position in shares of Ulta Beauty in the fourth quarter worth approximately $33,000. 90.39% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.