Atreides Management LP Sells 112,530 Shares of Ulta Beauty Inc. $ULTA

Key Points

• Atreides Management LP reduced its stake in Ulta Beauty Inc. by 34.1%, owning approximately 0.48% of the company valued at around $79.7 million after selling 112,530 shares.
• Mirae Asset Global Investments increased its holdings by 17.9%, while Kingswood Wealth Advisors raised their position by 14.8% in the first quarter, highlighting ongoing institutional interest in Ulta.
• After reporting $5.78 EPS for the quarter, exceeding expectations, Ulta Beauty has an average price target of $534.75 with a consensus rating of "Hold" among analysts.

Atreides Management LP decreased its position in Ulta Beauty Inc. (NASDAQ:ULTA - Free Report) by 34.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 217,541 shares of the specialty retailer's stock after selling 112,530 shares during the period. Ulta Beauty makes up 2.4% of Atreides Management LP's portfolio, making the stock its 13th largest position. Atreides Management LP owned approximately 0.48% of Ulta Beauty worth $79,737,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC boosted its position in shares of Ulta Beauty by 5.4% during the first quarter. EP Wealth Advisors LLC now owns 2,657 shares of the specialty retailer's stock worth $974,000 after buying an additional 135 shares during the period. Focus Partners Advisor Solutions LLC acquired a new position in shares of Ulta Beauty during the first quarter worth about $544,000. Night Squared LP acquired a new position in shares of Ulta Beauty during the first quarter worth about $6,067,000. Vident Advisory LLC boosted its position in shares of Ulta Beauty by 57.2% during the first quarter. Vident Advisory LLC now owns 1,823 shares of the specialty retailer's stock worth $668,000 after buying an additional 663 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Ulta Beauty by 178.2% during the first quarter. Canada Pension Plan Investment Board now owns 100,518 shares of the specialty retailer's stock worth $36,844,000 after buying an additional 64,381 shares during the period. 90.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ULTA shares. Oppenheimer upped their price objective on Ulta Beauty from $510.00 to $600.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Raymond James Financial restated an "outperform" rating and set a $605.00 price objective (up from $580.00) on shares of Ulta Beauty in a research note on Friday, August 29th. The Goldman Sachs Group increased their price objective on shares of Ulta Beauty from $530.00 to $584.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Truist Financial increased their price objective on shares of Ulta Beauty from $364.00 to $386.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Finally, Barclays increased their price objective on shares of Ulta Beauty from $589.00 to $617.00 and gave the stock an "overweight" rating in a research note on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $543.13.

Ulta Beauty Trading Down 2.8%

NASDAQ:ULTA traded down $14.64 on Friday, hitting $514.86. The company's stock had a trading volume of 880,236 shares, compared to its average volume of 894,724. The stock has a fifty day moving average of $503.66 and a two-hundred day moving average of $431.05. The firm has a market capitalization of $23.09 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 2.92 and a beta of 1.06. Ulta Beauty Inc. has a one year low of $309.01 and a one year high of $539.00.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The specialty retailer reported $5.78 earnings per share for the quarter, beating the consensus estimate of $5.03 by $0.75. The firm had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.66 billion. Ulta Beauty had a net margin of 10.31% and a return on equity of 48.78%. The business's revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.30 EPS. As a group, sell-side analysts anticipate that Ulta Beauty Inc. will post 23.96 EPS for the current year.

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.