Jefferies Financial Group Reaffirms “Hold” Rating for Ulta Beauty (NASDAQ:ULTA)

Jefferies Financial Group reaffirmed their hold rating on shares of Ulta Beauty (NASDAQ:ULTA) in a research note published on Friday, Marketbeat Ratings reports. They currently have a $438.00 price target on the specialty retailer’s stock, down from their prior price target of $585.00.

Other research analysts have also recently issued research reports about the company. UBS Group raised their target price on Ulta Beauty from $575.00 to $690.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Piper Sandler reduced their target price on shares of Ulta Beauty from $665.00 to $595.00 and set an overweight rating on the stock in a research report on Tuesday, April 9th. Evercore ISI cut their price objective on shares of Ulta Beauty from $656.00 to $635.00 and set an outperform rating on the stock in a report on Friday, March 15th. Raymond James decreased their target price on shares of Ulta Beauty from $630.00 to $610.00 and set a strong-buy rating for the company in a research note on Wednesday, April 3rd. Finally, Morgan Stanley raised their price objective on Ulta Beauty from $480.00 to $525.00 and gave the company an equal weight rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $561.29.

Ulta Beauty Stock Performance

NASDAQ ULTA opened at $417.98 on Friday. Ulta Beauty has a 52-week low of $368.02 and a 52-week high of $574.76. The company has a market capitalization of $20.18 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.70 and a beta of 1.30. The company has a fifty day moving average of $509.69 and a 200-day moving average of $468.85.

Ulta Beauty (NASDAQ:ULTA) last posted its quarterly earnings results on Thursday, March 14th. The specialty retailer reported $8.08 earnings per share for the quarter, topping the consensus estimate of $7.49 by $0.59. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.53 billion. Ulta Beauty had a net margin of 11.52% and a return on equity of 61.64%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $6.68 earnings per share. As a group, analysts forecast that Ulta Beauty will post 26.74 EPS for the current fiscal year.

Ulta Beauty announced that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Ulta Beauty news, insider Anita Jane Ryan sold 3,102 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $525.25, for a total value of $1,629,325.50. Following the completion of the sale, the insider now owns 2,705 shares in the company, valued at $1,420,801.25. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, COO Kecia Steelman sold 20,950 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $526.39, for a total value of $11,027,870.50. Following the completion of the sale, the chief operating officer now directly owns 10,494 shares of the company’s stock, valued at approximately $5,523,936.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anita Jane Ryan sold 3,102 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $525.25, for a total transaction of $1,629,325.50. Following the completion of the sale, the insider now directly owns 2,705 shares of the company’s stock, valued at $1,420,801.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,552 shares of company stock valued at $12,920,326. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its holdings in Ulta Beauty by 26.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 51,978 shares of the specialty retailer’s stock worth $27,178,000 after acquiring an additional 10,810 shares in the last quarter. Stonegate Investment Group LLC grew its holdings in shares of Ulta Beauty by 41.6% in the first quarter. Stonegate Investment Group LLC now owns 6,389 shares of the specialty retailer’s stock valued at $3,341,000 after purchasing an additional 1,876 shares in the last quarter. Drive Wealth Management LLC purchased a new position in shares of Ulta Beauty in the first quarter valued at $210,000. Accordant Advisory Group Inc purchased a new position in shares of Ulta Beauty in the first quarter valued at $734,000. Finally, Hendershot Investments Inc. grew its holdings in shares of Ulta Beauty by 2.2% in the first quarter. Hendershot Investments Inc. now owns 21,059 shares of the specialty retailer’s stock valued at $11,011,000 after purchasing an additional 444 shares in the last quarter. 90.39% of the stock is owned by hedge funds and other 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.