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

Ulta Beauty, Inc. (NASDAQ:ULTAGet Rating)’s stock price reached a new 52-week high during trading on Wednesday after Morgan Stanley raised their price target on the stock from $445.00 to $510.00. Morgan Stanley currently has an equal weight rating on the stock. Ulta Beauty traded as high as $497.80 and last traded at $496.54, with a volume of 1237 shares traded. The stock had previously closed at $494.59.

Several other research analysts have also recently commented on ULTA. Piper Sandler boosted their price target on Ulta Beauty from $510.00 to $525.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 29th. Citigroup boosted their price objective on Ulta Beauty from $480.00 to $500.00 in a report on Friday, December 2nd. Wells Fargo & Company lowered Ulta Beauty from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $450.00 to $400.00 in a report on Friday, January 6th. Credit Suisse Group boosted their price objective on Ulta Beauty to $535.00 in a report on Friday, December 2nd. Finally, Argus boosted their price objective on Ulta Beauty from $455.00 to $530.00 in a report on Thursday, January 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $514.95.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds have recently made changes to their positions in ULTA. CI Investments Inc. increased its holdings in shares of Ulta Beauty by 1,016.7% in the third quarter. CI Investments Inc. now owns 67 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 61 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in Ulta Beauty by 59.1% in the 1st quarter. Parkside Financial Bank & Trust now owns 70 shares of the specialty retailer’s stock valued at $28,000 after acquiring an additional 26 shares in the last quarter. Private Capital Group LLC lifted its position in Ulta Beauty by 265.0% in the 2nd quarter. Private Capital Group LLC now owns 73 shares of the specialty retailer’s stock valued at $28,000 after acquiring an additional 53 shares in the last quarter. Global Trust Asset Management LLC bought a new stake in Ulta Beauty in the 3rd quarter valued at $30,000. Finally, AllSquare Wealth Management LLC lifted its position in Ulta Beauty by 188.5% during the 3rd quarter. AllSquare Wealth Management LLC now owns 75 shares of the specialty retailer’s stock worth $30,000 after buying an additional 49 shares in the last quarter. Institutional investors own 90.47% of the company’s stock.

Ulta Beauty Stock Performance

The firm’s 50-day simple moving average is $462.99 and its 200 day simple moving average is $423.81. The stock has a market capitalization of $25.44 billion, a P/E ratio of 21.98, a PEG ratio of 1.56 and a beta of 1.29.

Ulta Beauty (NASDAQ:ULTAGet Rating) last released its quarterly earnings results on Thursday, December 1st. The specialty retailer reported $5.34 earnings per share for the quarter, beating the consensus estimate of $4.09 by $1.25. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Ulta Beauty had a net margin of 12.26% and a return on equity of 68.33%. The business’s revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.94 EPS. As a group, research analysts expect that Ulta Beauty, Inc. will post 22.87 earnings per share for the current fiscal year.

About Ulta Beauty

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Ulta Beauty, Inc operates as a retailer of beauty products in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; professional hair products; salon services, including hair, skin, makeup, and brow services; and nail services.

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