Ulta Beauty (NASDAQ:ULTA) Given New $575.00 Price Target at Bank of America

Key Points

• Bank of America has raised its price target for Ulta Beauty from $500.00 to $575.00, indicating a potential upside of 8.36% from the current stock price.
• The stock has received a recent consensus rating of Hold from analysts, with a price target average of $510.13, while 13 analysts rated it as a Buy.
• Ulta Beauty outperformed earnings expectations, reporting $5.78 earnings per share, exceeding estimates by $0.75, with revenues rising 9.3% year-over-year.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its target price raised by research analysts at Bank of America from $500.00 to $575.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the specialty retailer's stock. Bank of America's price objective would indicate a potential upside of 8.36% from the stock's current price.

Several other equities research analysts also recently commented on the stock. Oppenheimer lifted their price objective on shares of Ulta Beauty from $510.00 to $600.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Citigroup boosted their target price on shares of Ulta Beauty from $450.00 to $550.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Robert W. Baird boosted their target price on shares of Ulta Beauty from $440.00 to $525.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Jefferies Financial Group boosted their target price on shares of Ulta Beauty from $425.00 to $550.00 and gave the company a "hold" rating in a research report on Tuesday. Finally, Canaccord Genuity Group boosted their target price on shares of Ulta Beauty from $600.00 to $630.00 and gave the company a "buy" rating in a research report on Tuesday. Thirteen investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $510.13.

Ulta Beauty Stock Down 0.6%

Shares of ULTA opened at $530.63 on Friday. The company has a market cap of $23.85 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 3.20 and a beta of 1.12. Ulta Beauty has a twelve month low of $309.01 and a twelve month high of $538.59. The company has a 50 day moving average of $498.62 and a two-hundred day moving average of $425.95.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last announced its 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. Ulta Beauty had a net margin of 10.45% and a return on equity of 49.73%. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the firm earned $5.30 earnings per share. Ulta Beauty's revenue was up 9.3% compared to the same quarter last year. On average, sell-side analysts expect that Ulta Beauty will post 23.96 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC increased its stake in shares of Ulta Beauty by 107.7% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 54 shares of the specialty retailer's stock worth $25,000 after purchasing an additional 28 shares in the last quarter. Hemington Wealth Management increased its stake in shares of Ulta Beauty by 142.9% during the second quarter. Hemington Wealth Management now owns 68 shares of the specialty retailer's stock worth $31,000 after purchasing an additional 40 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Ulta Beauty during the second quarter worth about $35,000. Newbridge Financial Services Group Inc. increased its stake in shares of Ulta Beauty by 52.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 76 shares of the specialty retailer's stock worth $36,000 after purchasing an additional 26 shares in the last quarter. Finally, American National Bank & Trust purchased a new stake in shares of Ulta Beauty during the first quarter worth about $29,000. Hedge funds and other institutional investors own 90.39% of the company's stock.

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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