Ulta Beauty Inc. (NASDAQ:ULTA) Shares Bought by SouthState Corp

Key Points

• SouthState Corp increased its holdings in Ulta Beauty Inc. by 8.2% in Q1, owning 8,640 shares valued at approximately $3.17 million as per the latest SEC filing.
• Ulta Beauty reported $6.70 EPS for its recent quarter, exceeding expectations, with revenues of $2.85 billion and a year-over-year revenue increase of 4.5%.
• Several analysts have upgraded their price targets for Ulta, with Canaccord Genuity raising it to $600.00 and the overall consensus rating classified as "Hold" with a target price of $469.09.

SouthState Corp grew its holdings in shares of Ulta Beauty Inc. (NASDAQ:ULTA - Free Report) by 8.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,640 shares of the specialty retailer's stock after acquiring an additional 655 shares during the period. SouthState Corp's holdings in Ulta Beauty were worth $3,167,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. CCM Investment Group LLC acquired a new position in Ulta Beauty during the 1st quarter worth $1,549,000. Nuveen LLC acquired a new stake in Ulta Beauty during the first quarter valued at approximately $59,882,000. Magellan Asset Management Ltd raised its stake in Ulta Beauty by 17.9% during the first quarter. Magellan Asset Management Ltd now owns 79,200 shares of the specialty retailer's stock valued at $29,030,000 after buying an additional 12,021 shares in the last quarter. Entropy Technologies LP acquired a new stake in Ulta Beauty during the first quarter valued at approximately $1,649,000. Finally, Invesco Ltd. boosted its holdings in Ulta Beauty by 10.9% in the first quarter. Invesco Ltd. now owns 813,639 shares of the specialty retailer's stock worth $298,231,000 after purchasing an additional 79,666 shares during the period. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Ulta Beauty Price Performance

Shares of NASDAQ:ULTA opened at $498.21 on Monday. The stock has a market cap of $22.39 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 3.01 and a beta of 1.12. Ulta Beauty Inc. has a 12 month low of $309.01 and a 12 month high of $523.68. The stock's 50 day moving average price is $483.37 and its 200 day moving average price is $414.83.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Ulta Beauty from $477.00 to $525.00 and gave the stock an "overweight" rating in a report on Friday, May 30th. Canaccord Genuity Group lifted their price objective on shares of Ulta Beauty from $542.00 to $600.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Robert W. Baird increased their price objective on shares of Ulta Beauty from $440.00 to $525.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Oppenheimer increased their price objective on shares of Ulta Beauty from $465.00 to $510.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, UBS Group increased 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. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $469.09.

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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