Share Repurchase Plan Initiated by Ulta Beauty (NASDAQ:ULTA) Board

Ulta Beauty (NASDAQ:ULTAGet Free Report) announced that its Board of Directors has authorized a share buyback plan on Thursday, March 14th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty retailer to purchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on ULTA shares. Argus boosted their price target on Ulta Beauty from $500.00 to $545.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. UBS Group upped their target price on Ulta Beauty from $575.00 to $690.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Telsey Advisory Group reiterated an “outperform” rating and set a $600.00 price target on shares of Ulta Beauty in a research note on Monday, November 27th. Piper Sandler raised their price objective on Ulta Beauty from $540.00 to $572.00 and gave the stock an “overweight” rating in a research report on Friday, December 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $525.00 target price on shares of Ulta Beauty in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $546.90.

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Ulta Beauty Trading Down 5.2 %

ULTA stock opened at $535.98 on Friday. The business’s 50-day moving average price is $518.69 and its two-hundred day moving average price is $455.62. The firm has a market cap of $26.03 billion, a PE ratio of 21.74, a P/E/G ratio of 2.35 and a beta of 1.31. Ulta Beauty has a 1-year low of $368.02 and a 1-year high of $574.76.

Ulta Beauty (NASDAQ:ULTAGet Free Report) last released its earnings results on Thursday, March 14th. The specialty retailer reported $8.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.49 by $0.59. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.53 billion. Ulta Beauty had a return on equity of 61.42% and a net margin of 11.37%. Ulta Beauty’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.68 earnings per share. On average, analysts forecast that Ulta Beauty will post 25.46 earnings per share for the current year.

About Ulta Beauty

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Ulta Beauty, Inc operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services in the United States. It offers broad assortment of branded and private label beauty products including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools; and salon services, including hair, skin, makeup, and brow services, as well as nail services.

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