Ulta Beauty (NASDAQ:ULTA) Price Target Cut to $355.00 by Analysts at Barclays

Ulta Beauty (NASDAQ:ULTA) had its price objective decreased by Barclays from $394.00 to $355.00 in a research note issued to investors on Friday, Benzinga reports. Barclays currently has an equal weight rating on the specialty retailer’s stock.

Several other brokerages have also issued reports on ULTA. JPMorgan Chase & Co. increased their price target on Ulta Beauty from $530.00 to $544.00 and gave the stock an overweight rating in a report on Friday, May 31st. Piper Sandler cut their price target on Ulta Beauty from $505.00 to $498.00 and set an overweight rating on the stock in a report on Friday, May 31st. BMO Capital Markets cut their price target on Ulta Beauty from $540.00 to $500.00 and set a market perform rating on the stock in a report on Friday, May 31st. Jefferies Financial Group dropped their target price on Ulta Beauty from $438.00 to $412.00 and set a hold rating on the stock in a report on Friday, May 24th. Finally, Citigroup dropped their price target on Ulta Beauty from $485.00 to $400.00 and set a neutral rating on the stock in a report on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ulta Beauty has an average rating of Moderate Buy and an average target price of $503.87.

Ulta Beauty Price Performance

NASDAQ ULTA opened at $385.87 on Friday. The business has a 50 day simple moving average of $392.42 and a 200 day simple moving average of $463.13. Ulta Beauty has a one year low of $368.02 and a one year high of $574.76. The stock has a market capitalization of $18.41 billion, a P/E ratio of 15.05, a P/E/G ratio of 1.68 and a beta of 1.36.

Ulta Beauty (NASDAQ:ULTA) last released its earnings results on Thursday, May 30th. The specialty retailer reported $6.47 EPS for the quarter, topping the consensus estimate of $6.19 by $0.28. Ulta Beauty had a return on equity of 58.06% and a net margin of 11.13%. The business had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.72 billion. During the same quarter last year, the firm posted $6.88 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. Equities analysts expect that Ulta Beauty will post 25.76 earnings per share for the current year.

Ulta Beauty declared that its Board of Directors has authorized a stock buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Jodi J. Caro sold 650 shares of Ulta Beauty stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $388.68, for a total transaction of $252,642.00. Following the completion of the sale, the insider now owns 6,801 shares of the company’s stock, valued at $2,643,412.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ulta Beauty

Several large investors have recently added to or reduced their stakes in the business. Nvwm LLC boosted its stake in Ulta Beauty by 2.1% during the fourth quarter. Nvwm LLC now owns 1,043 shares of the specialty retailer’s stock valued at $511,000 after buying an additional 21 shares during the period. Manchester Capital Management LLC boosted its stake in Ulta Beauty by 41.2% during the fourth quarter. Manchester Capital Management LLC now owns 72 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 21 shares during the period. Raleigh Capital Management Inc. boosted its stake in Ulta Beauty by 4.3% during the third quarter. Raleigh Capital Management Inc. now owns 535 shares of the specialty retailer’s stock valued at $214,000 after buying an additional 22 shares during the period. Pinnacle Associates Ltd. boosted its stake in Ulta Beauty by 0.8% during the fourth quarter. Pinnacle Associates Ltd. now owns 2,828 shares of the specialty retailer’s stock valued at $1,386,000 after buying an additional 23 shares during the period. Finally, Nkcfo LLC boosted its stake in Ulta Beauty by 14.4% during the fourth quarter. Nkcfo LLC now owns 183 shares of the specialty retailer’s stock valued at $90,000 after buying an additional 23 shares during the period. Institutional investors own 90.39% of the company’s stock.

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.