Carnegie Investment Counsel Purchases 1,601 Shares of Ulta Beauty Inc. $ULTA

Key Points

• Carnegie Investment Counsel increased its position in Ulta Beauty Inc. by 2.6%, acquiring an additional 1,601 shares during the second quarter, bringing its total to approximately 63,559 shares valued at about $29.7 million.
• Ulta Beauty reported $5.78 earnings per share for the last quarter, surpassing analysts' estimates of $5.03, with a revenue of $2.79 billion compared to an expected $2.66 billion.
• Research analysts have raised target prices for Ulta Beauty, with Oppenheimer and JPMorgan Chase both increasing their targets to $600 per share, reflecting a positive outlook on the stock.

Carnegie Investment Counsel increased its position in shares of Ulta Beauty Inc. (NASDAQ:ULTA - Free Report) by 2.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,559 shares of the specialty retailer's stock after acquiring an additional 1,601 shares during the period. Carnegie Investment Counsel owned about 0.14% of Ulta Beauty worth $29,734,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC grew its position in Ulta Beauty by 17.7% during the 2nd quarter. ORG Partners LLC now owns 153 shares of the specialty retailer's stock worth $72,000 after acquiring an additional 23 shares during the last quarter. Chesley Taft & Associates LLC grew its position in Ulta Beauty by 3.0% during the 2nd quarter. Chesley Taft & Associates LLC now owns 834 shares of the specialty retailer's stock worth $390,000 after acquiring an additional 24 shares during the last quarter. OFI Invest Asset Management grew its position in Ulta Beauty by 6.8% during the 2nd quarter. OFI Invest Asset Management now owns 375 shares of the specialty retailer's stock worth $175,000 after acquiring an additional 24 shares during the last quarter. Wambolt & Associates LLC grew its position in Ulta Beauty by 1.6% during the 1st quarter. Wambolt & Associates LLC now owns 1,673 shares of the specialty retailer's stock worth $626,000 after acquiring an additional 26 shares during the last quarter. Finally, Westside Investment Management Inc. grew its position in Ulta Beauty by 32.5% during the 1st quarter. Westside Investment Management Inc. now owns 110 shares of the specialty retailer's stock worth $40,000 after acquiring an additional 27 shares during the last quarter. Institutional investors own 90.39% of the company's stock.

Insider Activity

In other news, Director Mike C. Smith sold 500 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $528.43, for a total value of $264,215.00. Following the transaction, the director directly owned 2,263 shares of the company's stock, valued at $1,195,837.09. The trade was a 18.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by corporate insiders.

Ulta Beauty Price Performance

Shares of NASDAQ:ULTA opened at $524.48 on Friday. The company has a market capitalization of $23.52 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 2.86 and a beta of 1.08. The business's 50-day moving average is $531.57 and its 200-day moving average is $474.21. Ulta Beauty Inc. has a 1 year low of $309.01 and a 1 year high of $572.23.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on ULTA shares. Piper Sandler started coverage on Ulta Beauty in a report on Thursday, September 4th. They set an "overweight" rating and a $590.00 target price on the stock. Oppenheimer lifted their target price on Ulta Beauty from $510.00 to $600.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. lifted their target price on Ulta Beauty from $525.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, August 22nd. Loop Capital reaffirmed a "hold" rating and set a $510.00 target price on shares of Ulta Beauty in a report on Friday, July 25th. Finally, Canaccord Genuity Group lifted their target price on Ulta Beauty from $650.00 to $653.00 and gave the stock a "buy" rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ulta Beauty presently has an average rating of "Moderate Buy" and a consensus price target of $550.38.

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.

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