Canaccord Genuity Group Forecasts Strong Price Appreciation for Ulta Beauty (NASDAQ:ULTA) Stock

Ulta Beauty (NASDAQ:ULTA) had its price target upped by Canaccord Genuity Group from $500.00 to $538.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

Other research analysts also recently issued research reports about the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $500.00 price objective on shares of Ulta Beauty in a report on Tuesday. Loop Capital upped their price target on Ulta Beauty from $450.00 to $480.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Piper Sandler raised their price target on Ulta Beauty from $390.00 to $394.00 and gave the company a “neutral” rating in a report on Monday. Raymond James dropped their price objective on Ulta Beauty from $450.00 to $440.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Finally, William Blair lowered shares of Ulta Beauty from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $460.30.

Ulta Beauty Stock Performance

Shares of NASDAQ:ULTA opened at $415.14 on Tuesday. The business has a fifty day moving average of $401.20 and a 200-day moving average of $383.86. Ulta Beauty has a twelve month low of $318.17 and a twelve month high of $574.76. The firm has a market cap of $19.25 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 2.38 and a beta of 1.28.

Ulta Beauty (NASDAQ:ULTA) last posted its quarterly earnings data on Thursday, December 5th. The specialty retailer reported $5.14 earnings per share for the quarter, beating the consensus estimate of $4.45 by $0.69. Ulta Beauty had a net margin of 10.58% and a return on equity of 51.95%. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter last year, the company posted $5.07 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts anticipate that Ulta Beauty will post 23.57 EPS for the current fiscal year.

Institutional Trading of Ulta Beauty

A number of large investors have recently bought and sold shares of the business. Paladin Wealth LLC acquired a new position in shares of Ulta Beauty in the third quarter valued at approximately $32,000. Sunbelt Securities Inc. raised its holdings in shares of Ulta Beauty by 118.4% during the third quarter. Sunbelt Securities Inc. now owns 83 shares of the specialty retailer’s stock worth $32,000 after acquiring an additional 45 shares during the period. Westside Investment Management Inc. lifted its position in Ulta Beauty by 151.5% in the 3rd quarter. Westside Investment Management Inc. now owns 83 shares of the specialty retailer’s stock valued at $32,000 after acquiring an additional 50 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Ulta Beauty in the 3rd quarter worth $41,000. Finally, American National Bank & Trust bought a new position in Ulta Beauty during the 3rd quarter worth about $44,000. 90.39% of the stock is owned by 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.