Barclays Issues Positive Forecast for Ulta Beauty (NASDAQ:ULTA) Stock Price

Key Points

• Barclays has raised its price target for Ulta Beauty from $589.00 to $617.00, indicating a potential upside of 25.22% based on the stock's previous close.
• Ulta Beauty reported earnings of $5.78 per share for the last quarter, surpassing consensus estimates of $5.03 by $0.75.
• Thirteen research analysts have rated Ulta Beauty's stock as a Buy, while the average target price across firms sits at $536.75.

Ulta Beauty (NASDAQ:ULTA - Free Report) had its price objective boosted by Barclays from $589.00 to $617.00 in a report published on Tuesday morning, MarketBeat.com reports. The firm currently has an overweight rating on the specialty retailer's stock.

Other analysts also recently issued research reports about the company. Wells Fargo & Company lifted their target price on Ulta Beauty from $400.00 to $425.00 and gave the company an "underweight" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. lifted their price objective on shares of Ulta Beauty from $525.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, August 22nd. Wall Street Zen upgraded shares of Ulta Beauty from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Piper Sandler reissued a "neutral" rating and set a $437.00 target price (up previously from $386.00) on shares of Ulta Beauty in a research note on Friday, May 30th. Finally, Bank of America boosted their price target on shares of Ulta Beauty from $500.00 to $575.00 and gave the stock a "neutral" rating in a research report on Friday, August 29th. Fourteen research 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 MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $543.13.

Ulta Beauty Trading Down 2.8%

NASDAQ:ULTA traded down $14.64 during mid-day trading on Tuesday, hitting $514.86. The stock had a trading volume of 880,236 shares, compared to its average volume of 883,078. The company has a 50 day simple moving average of $503.66 and a 200-day simple moving average of $431.05. The stock has a market capitalization of $23.09 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 2.92 and a beta of 1.06. Ulta Beauty has a 52 week low of $309.01 and a 52 week high of $539.00.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last announced its quarterly earnings results on Thursday, August 28th. The specialty retailer reported $5.78 EPS for the quarter, beating the consensus estimate of $5.03 by $0.75. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.66 billion. Ulta Beauty had a net margin of 10.31% and a return on equity of 48.78%. Ulta Beauty's revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.30 earnings per share. As a group, equities research analysts anticipate that Ulta Beauty will post 23.96 earnings per share for the current year.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds have recently modified their holdings of the stock. 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 worth $2,190,000 after buying an additional 924 shares during the period. Kingswood Wealth Advisors LLC lifted 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 acquiring an additional 152 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of Ulta Beauty in the 1st quarter valued at approximately $201,000. Farther Finance Advisors LLC boosted its stake in Ulta Beauty by 128.9% in the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the specialty retailer's stock worth $275,000 after purchasing an additional 415 shares during the period. Finally, Kaufman Rossin Wealth LLC acquired a new position in Ulta Beauty in the 1st quarter worth approximately $250,000. 90.39% of the stock is owned by hedge funds and other institutional investors.

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.