Ulta Beauty (NASDAQ:ULTA) Given New $350.00 Price Target at Wells Fargo & Company

Ulta Beauty (NASDAQ:ULTA - Get Free Report) had its price target lifted by equities research analysts at Wells Fargo & Company from $315.00 to $350.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the specialty retailer's stock. Wells Fargo & Company's price objective would suggest a potential downside of 25.49% from the stock's current price.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group raised Ulta Beauty from a "neutral" rating to a "buy" rating and raised their price target for the stock from $384.00 to $423.00 in a research report on Tuesday, April 1st. JPMorgan Chase & Co. raised their price target on Ulta Beauty from $475.00 to $477.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Truist Financial raised their price target on Ulta Beauty from $364.00 to $386.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Canaccord Genuity Group dropped their price target on Ulta Beauty from $526.00 to $510.00 and set a "buy" rating for the company in a research report on Thursday, May 22nd. Finally, Barclays dropped their price target on Ulta Beauty from $445.00 to $327.00 and set an "equal weight" rating for the company in a research report on Friday, March 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $454.04.

Ulta Beauty Stock Up 11.4%

NASDAQ ULTA traded up $47.92 during mid-day trading on Friday, hitting $469.71. The stock had a trading volume of 4,593,456 shares, compared to its average volume of 1,051,937. Ulta Beauty has a 52-week low of $309.01 and a 52-week high of $491.98. The company has a market cap of $21.21 billion, a price-to-earnings ratio of 18.80, a P/E/G ratio of 0.89 and a beta of 1.06. The company has a 50 day simple moving average of $384.70 and a 200 day simple moving average of $388.02.

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 the consensus estimate of $5.73 by $0.97. The company had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.79 billion. Ulta Beauty had a return on equity of 51.95% and a net margin of 10.58%. Ulta Beauty's revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $6.47 earnings per share. As a group, equities analysts anticipate that Ulta Beauty will post 23.96 earnings per share for the current fiscal year.

Insider Activity at Ulta Beauty

In related news, insider Jodi J. Caro sold 902 shares of Ulta Beauty stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $369.16, for a total value of $332,982.32. Following the transaction, the insider now owns 7,632 shares in the company, valued at approximately $2,817,429.12. This trade represents a 10.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ULTA. Capital World Investors acquired a new position in Ulta Beauty in the fourth quarter valued at $430,674,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Ulta Beauty by 128.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,225,023 shares of the specialty retailer's stock worth $449,021,000 after purchasing an additional 688,267 shares in the last quarter. Norges Bank acquired a new position in shares of Ulta Beauty during the fourth quarter worth about $239,432,000. Marshall Wace LLP lifted its stake in shares of Ulta Beauty by 10,336.7% during the fourth quarter. Marshall Wace LLP now owns 459,110 shares of the specialty retailer's stock worth $199,681,000 after purchasing an additional 454,711 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Ulta Beauty by 38,770.6% during the first quarter. GAMMA Investing LLC now owns 443,513 shares of the specialty retailer's stock worth $162,565,000 after purchasing an additional 442,372 shares in the last quarter. Institutional investors and hedge funds 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.