Canaccord Genuity Group Forecasts Strong Price Appreciation for Ulta Beauty (NASDAQ:ULTA) Stock

Key Points

• Canaccord Genuity Group has raised its price target for Ulta Beauty from $600 to $630, suggesting a potential upside of 20.03% from the current stock price.
• Thirteen analysts maintain a Buy rating on the stock, while the consensus average price target is $498.88.
• Ulta Beauty reported a Q1 EPS of $6.70, exceeding estimates, and its revenue rose by 4.5% year-over-year to $2.85 billion.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its price target boosted by equities researchers at Canaccord Genuity Group from $600.00 to $630.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the specialty retailer's stock. Canaccord Genuity Group's price target points to a potential upside of 20.03% from the company's current price.

Several other equities analysts have also recently commented on ULTA. Evercore ISI increased their price target on shares of Ulta Beauty from $465.00 to $490.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. UBS Group increased their price target on shares of Ulta Beauty from $525.00 to $640.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Truist Financial increased their price target on shares of Ulta Beauty from $364.00 to $386.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Jefferies Financial Group increased their price target on shares of Ulta Beauty from $425.00 to $550.00 and gave the stock a "hold" rating in a research report on Tuesday. Finally, Robert W. Baird increased their price target on shares of Ulta Beauty from $440.00 to $525.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Thirteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ulta Beauty presently has a consensus rating of "Hold" and an average target price of $498.88.

Ulta Beauty Trading Up 0.1%

NASDAQ:ULTA traded up $0.4950 on Tuesday, reaching $524.8650. The stock had a trading volume of 58,070 shares, compared to its average volume of 863,534. The company has a 50-day moving average of $495.18 and a 200 day moving average of $423.41. The stock has a market cap of $23.59 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 3.19 and a beta of 1.12. Ulta Beauty has a 12-month low of $309.01 and a 12-month high of $534.10.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The specialty retailer reported $6.70 EPS for the quarter, topping the consensus estimate of $5.73 by $0.97. Ulta Beauty had a net margin of 10.45% and a return on equity of 49.73%. The business had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.79 billion. During the same quarter last year, the company posted $6.47 earnings per share. The company's quarterly revenue was up 4.5% compared to the same quarter last year. Ulta Beauty has set its FY 2025 guidance at 22.650-23.200 EPS. On average, equities analysts predict that Ulta Beauty will post 23.96 EPS for the current year.

Institutional Investors Weigh In On Ulta Beauty

Several large investors have recently made changes to their positions in ULTA. Cary Street Partners Investment Advisory LLC increased its stake in shares of Ulta Beauty by 107.7% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 54 shares of the specialty retailer's stock valued at $25,000 after purchasing an additional 28 shares during the period. American National Bank & Trust acquired a new stake in shares of Ulta Beauty in the first quarter valued at approximately $29,000. Wayfinding Financial LLC acquired a new stake in shares of Ulta Beauty in the first quarter valued at approximately $31,000. Hemington Wealth Management increased its stake in shares of Ulta Beauty by 142.9% in the second quarter. Hemington Wealth Management now owns 68 shares of the specialty retailer's stock valued at $31,000 after purchasing an additional 40 shares during the period. Finally, Rakuten Securities Inc. increased its stake in shares of Ulta Beauty by 218.5% in 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 during the period. Institutional investors and hedge funds 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.

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