Ulta Beauty (NASDAQ:ULTA) Given New $350.00 Price Target at Wells Fargo & Company

Ulta Beauty (NASDAQ:ULTA) had its price target reduced by equities researchers at Wells Fargo & Company from $450.00 to $350.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 14.19% from the company’s current price.

A number of other research firms also recently issued reports on ULTA. BMO Capital Markets upped their price target on shares of Ulta Beauty from $485.00 to $540.00 and gave the company a “market perform” rating in a research note on Friday, March 15th. Jefferies Financial Group reissued a “hold” rating and issued a $438.00 target price (down previously from $585.00) on shares of Ulta Beauty in a research note on Friday, April 19th. Robert W. Baird increased their target price on shares of Ulta Beauty from $575.00 to $625.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Raymond James reduced their target price on shares of Ulta Beauty from $630.00 to $610.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Ulta Beauty from $535.00 to $600.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $556.52.

Ulta Beauty Stock Performance

Shares of ULTA traded down $11.37 during mid-day trading on Wednesday, reaching $407.90. The stock had a trading volume of 366,294 shares, compared to its average volume of 764,796. Ulta Beauty has a 12 month low of $368.02 and a 12 month high of $574.76. The business has a fifty day moving average of $507.45 and a 200 day moving average of $469.06. The firm has a market cap of $19.69 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.71 and a beta of 1.30.

Ulta Beauty (NASDAQ:ULTA) last released its earnings results on Thursday, March 14th. The specialty retailer reported $8.08 EPS for the quarter, topping the consensus estimate of $7.49 by $0.59. Ulta Beauty had a net margin of 11.52% and a return on equity of 61.64%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the previous year, the firm earned $6.68 earnings per share. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts forecast that Ulta Beauty will post 26.55 EPS for the current fiscal year.

Ulta Beauty declared that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Ulta Beauty

In other Ulta Beauty news, insider Anita Jane Ryan sold 3,102 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $525.25, for a total value of $1,629,325.50. Following the transaction, the insider now directly owns 2,705 shares in the company, valued at $1,420,801.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ulta Beauty news, insider Anita Jane Ryan sold 3,102 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $525.25, for a total value of $1,629,325.50. Following the transaction, the insider now directly owns 2,705 shares in the company, valued at $1,420,801.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Catherine Ann Halligan sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $526.26, for a total transaction of $263,130.00. Following the transaction, the director now owns 1,665 shares in the company, valued at $876,222.90. The disclosure for this sale can be found here. Insiders have sold 24,552 shares of company stock worth $12,920,326 over the last three months. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Ulta Beauty

Hedge funds have recently modified their holdings of the business. Nordea Investment Management AB grew its position in shares of Ulta Beauty by 347.3% during the fourth quarter. Nordea Investment Management AB now owns 71,491 shares of the specialty retailer’s stock worth $35,061,000 after acquiring an additional 55,508 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Ulta Beauty during the fourth quarter worth approximately $1,810,000. Charles Schwab Investment Management Inc. grew its position in shares of Ulta Beauty by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 284,442 shares of the specialty retailer’s stock worth $113,620,000 after acquiring an additional 2,126 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Ulta Beauty by 6.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 27,037 shares of the specialty retailer’s stock worth $13,248,000 after purchasing an additional 1,662 shares during the period. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Ulta Beauty by 3.4% during the fourth quarter. AdvisorNet Financial Inc now owns 1,188 shares of the specialty retailer’s stock worth $582,000 after purchasing an additional 39 shares during the period. 90.39% of the stock is currently owned by hedge funds and other institutional investors.

Ulta Beauty Company Profile

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.