Ulta Beauty (NASDAQ:ULTA) Hits New 52-Week High Following Analyst Upgrade

Key Points

• Ulta Beauty's stock reached a new 52-week high after Canaccord Genuity upgraded its price target from $600.00 to $630.00, maintaining a buy rating on the stock.
• Several brokerages have recently adjusted their price targets for Ulta Beauty, with Oppenheimer increasing theirs to $600.00 and Robert W. Baird setting it at $525.00.
• Ulta Beauty reported earnings of $6.70 per share for its last quarter, exceeding analysts' expectations and indicating a 4.5% year-over-year revenue growth.

Ulta Beauty Inc. (NASDAQ:ULTA - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $600.00 to $630.00. Canaccord Genuity Group currently has a buy rating on the stock. Ulta Beauty traded as high as $536.89 and last traded at $531.93, with a volume of 95743 shares changing hands. The stock had previously closed at $526.06.

Several other brokerages have also recently weighed in on ULTA. Oppenheimer boosted their price objective on Ulta Beauty from $510.00 to $600.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Robert W. Baird upped their price target on Ulta Beauty from $440.00 to $525.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their price target on Ulta Beauty from $525.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, August 22nd. Evercore ISI upped their price target on Ulta Beauty from $465.00 to $490.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Morgan Stanley upped their price target on Ulta Beauty from $460.00 to $550.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Thirteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Ulta Beauty currently has an average rating of "Hold" and a consensus target price of $498.88.

Institutional Trading of Ulta Beauty

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in Ulta Beauty by 128.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,225,023 shares of the specialty retailer's stock worth $449,021,000 after acquiring an additional 688,267 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Ulta Beauty by 64.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 931,557 shares of the specialty retailer's stock worth $341,453,000 after acquiring an additional 366,147 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Ulta Beauty by 81.7% during the 1st quarter. JPMorgan Chase & Co. now owns 913,600 shares of the specialty retailer's stock worth $334,871,000 after acquiring an additional 410,900 shares during the last quarter. Invesco Ltd. boosted its position in Ulta Beauty by 10.9% during the 1st quarter. Invesco Ltd. now owns 813,639 shares of the specialty retailer's stock worth $298,231,000 after acquiring an additional 79,666 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Ulta Beauty by 1.4% during the 4th quarter. Deutsche Bank AG now owns 655,561 shares of the specialty retailer's stock worth $285,123,000 after acquiring an additional 9,291 shares during the last quarter. 90.39% of the stock is owned by institutional investors.

Ulta Beauty Stock Performance

The business has a 50-day simple moving average of $496.27 and a two-hundred day simple moving average of $424.13. The stock has a market cap of $23.98 billion, a price-to-earnings ratio of 20.85, a P/E/G ratio of 3.15 and a beta of 1.12.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The specialty retailer reported $6.70 earnings per share for the quarter, topping analysts' consensus estimates of $5.73 by $0.97. Ulta Beauty had a return on equity of 49.73% and a net margin of 10.45%.The firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm posted $6.47 EPS. The business's revenue was up 4.5% on a year-over-year basis. Ulta Beauty has set its FY 2025 guidance at 22.650-23.200 EPS. On average, analysts expect that Ulta Beauty Inc. will post 23.96 earnings per share for the current fiscal year.

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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