Piper Sandler Begins Coverage on Ulta Beauty (NASDAQ:ULTA)

Key Points

• Piper Sandler has initiated coverage on Ulta Beauty (NASDAQ: ULTA) with an "overweight" rating and a price target of $590.00, indicating a potential upside of 11.45% from the last closing price.
• In recent evaluations, analysts have assigned various ratings and price targets for Ulta, with a consensus rating of "Hold" and a target price of $543.13.
• Ulta Beauty reported a 9.3% increase in revenue year-over-year, achieving $2.79 billion in the last quarter, alongside an EPS of $5.78, surpassing analysts' estimates by $0.75.

Equities research analysts at Piper Sandler initiated coverage on shares of Ulta Beauty (NASDAQ:ULTA - Get Free Report) in a report released on Thursday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $590.00 price target on the specialty retailer's stock. Piper Sandler's target price indicates a potential upside of 14.59% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird boosted their price objective on Ulta Beauty from $575.00 to $600.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen raised Ulta Beauty from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Wells Fargo & Company boosted their price objective on Ulta Beauty from $400.00 to $425.00 and gave the stock an "underweight" rating in a research note on Friday, August 29th. Raymond James Financial reissued an "outperform" rating and set a $605.00 price objective (up from $580.00) on shares of Ulta Beauty in a research note on Friday, August 29th. Finally, UBS Group boosted their price objective on Ulta Beauty from $640.00 to $680.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Fourteen equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ulta Beauty has a consensus rating of "Hold" and a consensus price target of $543.13.

Ulta Beauty Price Performance

Shares of ULTA stock traded down $14.64 during trading hours on Thursday, hitting $514.86. The stock had a trading volume of 880,236 shares, compared to its average volume of 883,078. Ulta Beauty has a one year low of $309.01 and a one year high of $539.00. The stock's 50-day moving average price is $504.79 and its two-hundred day moving average price is $432.56. The stock has a market capitalization of $23.09 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 2.84 and a beta of 1.06.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The specialty retailer reported $5.78 earnings per share 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 for the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the previous year, the firm posted $5.30 earnings per share. The firm's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, equities research analysts predict that Ulta Beauty will post 23.96 earnings per share for the current fiscal year.

Institutional Trading of Ulta Beauty

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ulta Beauty by 17.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,092 shares of the specialty retailer's stock valued at $2,190,000 after purchasing an additional 924 shares during the period. Kingswood Wealth Advisors LLC boosted its holdings in shares of Ulta Beauty by 14.8% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,179 shares of the specialty retailer's stock valued at $435,000 after purchasing an additional 152 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in shares of Ulta Beauty in the first quarter valued at approximately $201,000. Farther Finance Advisors LLC boosted its holdings in shares of Ulta Beauty by 128.9% in the first quarter. Farther Finance Advisors LLC now owns 737 shares of the specialty retailer's stock valued at $275,000 after purchasing an additional 415 shares during the period. Finally, Kaufman Rossin Wealth LLC purchased a new stake in shares of Ulta Beauty in the first quarter valued at approximately $250,000. Hedge funds and other institutional investors own 90.39% 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.