Patton Fund Management Inc. Takes Position in Ulta Beauty Inc. $ULTA

Key Points

• Patton Fund Management Inc. acquired a new stake in Ulta Beauty, purchasing 573 shares valued at approximately $268,000 in the 2nd quarter of 2023.
• Ulta Beauty reported a 9.3% year-over-year revenue increase, reaching $2.79 billion, and its EPS of $5.78 exceeded analyst expectations by $0.75.
• Several analysts have raised their price targets for Ulta Beauty, with Bank of America setting a target at $575.00 following a positive earnings report.

Patton Fund Management Inc. bought a new stake in shares of Ulta Beauty Inc. (NASDAQ:ULTA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 573 shares of the specialty retailer's stock, valued at approximately $268,000.

Several other large investors have also recently made changes to their positions in ULTA. MassMutual Private Wealth & Trust FSB increased its position in shares of Ulta Beauty by 35.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 118 shares of the specialty retailer's stock valued at $43,000 after purchasing an additional 31 shares during the last quarter. First Hawaiian Bank increased its position in shares of Ulta Beauty by 20.2% during the 1st quarter. First Hawaiian Bank now owns 3,087 shares of the specialty retailer's stock valued at $1,132,000 after purchasing an additional 519 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Ulta Beauty by 450.5% during the 1st quarter. Versant Capital Management Inc now owns 545 shares of the specialty retailer's stock valued at $200,000 after purchasing an additional 446 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Ulta Beauty by 38,770.6% during the 1st quarter. GAMMA Investing LLC now owns 443,513 shares of the specialty retailer's stock valued at $162,565,000 after purchasing an additional 442,372 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Ulta Beauty by 40.8% during the 1st quarter. Parallel Advisors LLC now owns 438 shares of the specialty retailer's stock valued at $161,000 after purchasing an additional 127 shares during the last quarter. 90.39% of the stock is owned by hedge funds and other institutional investors.

Ulta Beauty Trading Up 2.3%

Shares of NASDAQ ULTA opened at $552.00 on Friday. Ulta Beauty Inc. has a 12 month low of $309.01 and a 12 month high of $552.45. The firm has a market capitalization of $24.75 billion, a price-to-earnings ratio of 21.17, a PEG ratio of 3.04 and a beta of 1.06. The business has a 50-day moving average of $519.00 and a 200-day moving average of $450.30.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ULTA. Loop Capital reiterated a "hold" rating and set a $510.00 price target on shares of Ulta Beauty in a research note on Friday, July 25th. Wells Fargo & Company increased their price target on Ulta Beauty from $400.00 to $425.00 and gave the stock an "underweight" rating in a research note on Friday, August 29th. Jefferies Financial Group increased their price target on Ulta Beauty from $425.00 to $550.00 and gave the stock a "hold" rating in a research note on Tuesday, August 26th. Bank of America increased their price target on Ulta Beauty from $500.00 to $575.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Finally, Argus upgraded Ulta Beauty from a "hold" rating to a "buy" rating and set a $570.00 price target for the company in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ulta Beauty has an average rating of "Moderate Buy" and a consensus target price of $544.20.

Insider Buying and Selling at Ulta Beauty

In other news, Director Mike C. Smith sold 500 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $528.43, for a total transaction of $264,215.00. Following the sale, the director owned 2,263 shares in the company, valued at approximately $1,195,837.09. This trade represents a 18.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.17% of the company's stock.

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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