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

Key Points

• Canaccord Genuity Group has raised Ulta Beauty's price target to $600.00, up from $542.00, indicating an 18.17% potential upside from its current price.
• Other analysts have also increased their price targets, with UBS Group and Oppenheimer setting targets of $525.00 and $510.00 respectively, while the consensus target price stands at $469.09.
• Ulta Beauty reported a strong quarterly performance with earnings of $6.70 per share, exceeding estimates, and revenue of $2.85 billion, marking a 4.5% increase year-over-year.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its price target raised by stock analysts at Canaccord Genuity Group from $542.00 to $600.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the specialty retailer's stock. Canaccord Genuity Group's price objective points to a potential upside of 18.17% from the company's current price.

A number of other equities analysts have also recently commented on the stock. UBS Group lifted their price objective on shares of Ulta Beauty from $490.00 to $525.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Oppenheimer boosted their price objective on shares of Ulta Beauty from $465.00 to $510.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Argus lowered shares of Ulta Beauty from a "buy" rating to a "hold" rating in a report on Monday, April 14th. Raymond James Financial reiterated an "outperform" rating and set a $500.00 price objective (up previously from $450.00) on shares of Ulta Beauty in a research note on Friday, May 30th. Finally, Barclays upped their price target on shares of Ulta Beauty from $327.00 to $485.00 and gave the company an "equal weight" rating in a research note on Monday, June 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Ulta Beauty has an average rating of "Hold" and a consensus target price of $469.09.

Ulta Beauty Stock Performance

Shares of NASDAQ:ULTA traded down $7.28 during trading on Friday, reaching $507.73. 609,768 shares of the stock traded hands, compared to its average volume of 898,519. The stock has a 50-day moving average of $473.18 and a two-hundred day moving average of $410.77. Ulta Beauty has a 52-week low of $309.01 and a 52-week high of $523.68. The stock has a market cap of $22.82 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 3.13 and a beta of 1.08.

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

Hedge Funds Weigh In On Ulta Beauty

A number of institutional investors have recently bought and sold shares of the stock. American National Bank & Trust bought a new stake in shares of Ulta Beauty in the 1st quarter valued at approximately $29,000. Wayfinding Financial LLC acquired a new position in Ulta Beauty during the first quarter worth $31,000. Hemington Wealth Management grew its holdings in shares of Ulta Beauty by 142.9% during the second quarter. Hemington Wealth Management now owns 68 shares of the specialty retailer's stock worth $31,000 after purchasing an additional 40 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in 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 acquiring an additional 59 shares during the last quarter. Finally, North Star Investment Management Corp. boosted its holdings in Ulta Beauty by 71.4% in the first quarter. North Star Investment Management Corp. now owns 96 shares of the specialty retailer's stock valued at $35,000 after acquiring an additional 40 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.

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