Covenant Asset Management LLC Buys 95 Shares of Ulta Beauty, Inc. (NASDAQ:ULTA)

Covenant Asset Management LLC increased its stake in shares of Ulta Beauty, Inc. (NASDAQ:ULTA) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,903 shares of the specialty retailer’s stock after acquiring an additional 95 shares during the quarter. Ulta Beauty comprises about 1.1% of Covenant Asset Management LLC’s portfolio, making the stock its 21st largest holding. Covenant Asset Management LLC’s holdings in Ulta Beauty were worth $4,190,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ahrens Investment Partners LLC purchased a new stake in Ulta Beauty during the first quarter valued at $27,000. BOKF NA purchased a new stake in Ulta Beauty during the first quarter valued at $30,000. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Ulta Beauty in the fourth quarter valued at $26,000. Ancora Advisors LLC purchased a new stake in shares of Ulta Beauty in the first quarter valued at $31,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of Ulta Beauty in the first quarter valued at $31,000. Institutional investors own 92.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ULTA shares. Bank of America reduced their target price on shares of Ulta Beauty from $540.00 to $490.00 in a research note on Friday, May 26th. DA Davidson reduced their target price on shares of Ulta Beauty from $540.00 to $495.00 and set a “buy” rating on the stock in a research note on Friday, August 25th. Citigroup upped their price target on shares of Ulta Beauty from $460.00 to $475.00 and gave the stock a “neutral” rating in a report on Friday, August 18th. Barclays cut their price target on shares of Ulta Beauty from $600.00 to $587.00 in a report on Sunday, August 27th. Finally, Morgan Stanley cut their price target on shares of Ulta Beauty from $520.00 to $480.00 and set an “equal weight” rating on the stock in a report on Monday, August 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ulta Beauty has a consensus rating of “Moderate Buy” and an average target price of $545.13.

Ulta Beauty Stock Up 0.4 %

Shares of Ulta Beauty stock traded up $1.45 on Tuesday, reaching $409.34. The stock had a trading volume of 110,610 shares, compared to its average volume of 771,436. The company has a 50 day moving average price of $440.89 and a 200 day moving average price of $476.35. Ulta Beauty, Inc. has a 1 year low of $373.80 and a 1 year high of $556.60. The stock has a market capitalization of $20.15 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.83 and a beta of 1.34.

Ulta Beauty (NASDAQ:ULTA) last released its earnings results on Thursday, August 24th. The specialty retailer reported $6.02 EPS for the quarter, topping analysts’ consensus estimates of $5.85 by $0.17. The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Ulta Beauty had a net margin of 11.77% and a return on equity of 63.51%. Ulta Beauty’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the business earned $5.70 EPS. On average, analysts forecast that Ulta Beauty, Inc. will post 25.38 earnings per share for the current fiscal year.

Ulta Beauty Profile

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.