Ulta Beauty (NASDAQ:ULTA) Earns Hold Rating from Loop Capital

Key Points

• Loop Capital has reaffirmed a "hold" rating on Ulta Beauty's stock, setting a target price of $510.00, which suggests a potential downside of 0.69% from the stock's current price.
• Ulta Beauty has received multiple upgrades from firms such as Goldman Sachs and UBS Group, with new target prices reaching as high as $550.00 from other analysts, indicating general optimism among financial institutions.
• Ulta Beauty reported strong quarterly earnings of $6.70 per share, exceeding estimates by $0.97, and a revenue increase of 4.5% year-over-year, showcasing robust financial performance.

Ulta Beauty (NASDAQ:ULTA - Get Free Report)'s stock had its "hold" rating reaffirmed by Loop Capital in a report issued on Friday,Benzinga reports. They currently have a $510.00 target price on the specialty retailer's stock. Loop Capital's target price indicates a potential downside of 0.69% from the stock's current price.

ULTA has been the subject of several other research reports. The Goldman Sachs Group raised Ulta Beauty from a "neutral" rating to a "buy" rating and raised their target price for the stock from $384.00 to $423.00 in a research report on Tuesday, April 1st. UBS Group increased their price objective on Ulta Beauty from $490.00 to $525.00 and gave the stock a "buy" rating in a report on Friday, May 30th. JPMorgan Chase & Co. lifted their price objective on Ulta Beauty from $477.00 to $525.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and issued a $520.00 price objective on shares of Ulta Beauty in a research note on Friday, July 11th. Finally, Morgan Stanley lifted their price objective on Ulta Beauty from $460.00 to $550.00 and gave the stock an "overweight" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Ulta Beauty presently has a consensus rating of "Hold" and a consensus price target of $465.04.

Ulta Beauty Stock Performance

Shares of ULTA stock opened at $513.55 on Friday. Ulta Beauty has a 1 year low of $309.01 and a 1 year high of $514.34. The stock has a market cap of $23.08 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 3.08 and a beta of 1.08. The business's fifty day moving average is $462.62 and its 200-day moving average is $407.32.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $2.79 billion. Ulta Beauty had a return on equity of 49.73% and a net margin of 10.45%. The company's revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company posted $6.47 EPS. Equities research analysts predict that Ulta Beauty will post 23.96 earnings per share for the current year.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds and other institutional investors have recently made changes to their positions in ULTA. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ulta Beauty by 17.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,092 shares of the specialty retailer's stock valued at $2,190,000 after acquiring an additional 924 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Ulta Beauty by 14.8% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,179 shares of the specialty retailer's stock valued at $435,000 after buying an additional 152 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Ulta Beauty in the 1st quarter valued at $201,000. Farther Finance Advisors LLC increased its position in shares of Ulta Beauty by 128.9% in the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the specialty retailer's stock valued at $275,000 after buying an additional 415 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Ulta Beauty by 26.4% in the 4th quarter. Alliancebernstein L.P. now owns 73,137 shares of the specialty retailer's stock valued at $31,809,000 after buying an additional 15,258 shares in the last quarter. 90.39% of the stock is owned by institutional investors and hedge funds.

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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