Canaccord Genuity Group Increases Ulta Beauty (NASDAQ:ULTA) Price Target to $542.00

Ulta Beauty (NASDAQ:ULTA - Free Report) had its price target boosted by Canaccord Genuity Group from $510.00 to $542.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the specialty retailer's stock.

ULTA has been the topic of several other research reports. The Goldman Sachs Group upgraded shares of Ulta Beauty from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $384.00 to $423.00 in a report on Tuesday, April 1st. Wells Fargo & Company upped their target price on shares of Ulta Beauty from $315.00 to $350.00 and gave the stock an "underweight" rating in a report on Friday. Piper Sandler reissued a "neutral" rating on shares of Ulta Beauty in a report on Thursday, May 15th. Argus downgraded Ulta Beauty from a "buy" rating to a "hold" rating in a research note on Monday, April 14th. Finally, Truist Financial lifted their target price on Ulta Beauty from $364.00 to $386.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $460.91.

Ulta Beauty Price Performance

Shares of ULTA traded up $1.32 during trading hours on Friday, hitting $477.00. The stock had a trading volume of 315,822 shares, compared to its average volume of 1,050,128. The firm has a 50 day simple moving average of $386.78 and a 200-day simple moving average of $388.83. Ulta Beauty has a 1-year low of $309.01 and a 1-year high of $491.98. The firm has a market capitalization of $21.54 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 0.89 and a beta of 1.06.

Ulta Beauty (NASDAQ:ULTA - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The specialty retailer reported $6.70 EPS for the quarter, beating the consensus estimate of $5.73 by $0.97. Ulta Beauty had a return on equity of 51.95% and a net margin of 10.58%. 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 previous year, the company posted $6.47 earnings per share. The company's quarterly revenue was up 4.5% on a year-over-year basis. Equities analysts predict that Ulta Beauty will post 23.96 EPS for the current fiscal year.

Insider Buying and Selling at Ulta Beauty

In other news, insider Jodi J. Caro sold 902 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $369.16, for a total transaction of $332,982.32. Following the completion of the transaction, the insider now owns 7,632 shares in the company, valued at approximately $2,817,429.12. This represents a 10.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company's stock.

Institutional Investors Weigh In On Ulta Beauty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC increased its stake in shares of Ulta Beauty by 121.4% in the fourth quarter. Prestige Wealth Management Group LLC now owns 62 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 34 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Ulta Beauty during the 1st quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new position in Ulta Beauty in the 1st quarter worth approximately $31,000. Rakuten Securities Inc. boosted its holdings in Ulta Beauty by 218.5% in the 1st quarter. Rakuten Securities Inc. now owns 86 shares of the specialty retailer's stock worth $32,000 after buying an additional 59 shares during the period. Finally, Edge Capital Group LLC purchased a new position in Ulta Beauty in the 4th quarter valued at approximately $33,000. 90.39% of the stock is currently owned by institutional investors.

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.