Pinnacle Associates Ltd. Decreases Stake in Ulta Beauty Inc. (NASDAQ:ULTA)

by · The Cerbat Gem

Pinnacle Associates Ltd. lessened its holdings in shares of Ulta Beauty Inc. (NASDAQ:ULTA – Free Report) by 1.8% in the 1st quarter, Holdings Channel reports. The fund owned 2,396 shares of the specialty retailer’s stock after selling 44 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Ulta Beauty were worth $878,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Westside Investment Management Inc. boosted its stake in shares of Ulta Beauty by 32.5% during the first quarter. Westside Investment Management Inc. now owns 110 shares of the specialty retailer’s stock worth $40,000 after buying an additional 27 shares during the period. RWA Wealth Partners LLC raised its stake in Ulta Beauty by 1.5% during the 4th quarter. RWA Wealth Partners LLC now owns 1,867 shares of the specialty retailer’s stock valued at $812,000 after acquiring an additional 28 shares during the last quarter. Procyon Advisors LLC lifted its position in Ulta Beauty by 4.3% during the 1st quarter. Procyon Advisors LLC now owns 707 shares of the specialty retailer’s stock worth $259,000 after acquiring an additional 29 shares during the period. Lido Advisors LLC grew its stake in shares of Ulta Beauty by 5.0% in the 4th quarter. Lido Advisors LLC now owns 626 shares of the specialty retailer’s stock valued at $272,000 after purchasing an additional 30 shares during the last quarter. Finally, Sagespring Wealth Partners LLC grew its stake in shares of Ulta Beauty by 5.0% in the 1st quarter. Sagespring Wealth Partners LLC now owns 625 shares of the specialty retailer’s stock valued at $229,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 90.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ULTA. JPMorgan Chase & Co. upped their price target on Ulta Beauty from $477.00 to $525.00 and gave the stock an “overweight” rating in a research note on Friday, May 30th. Piper Sandler restated a “neutral” rating and set a $437.00 price objective (up previously from $386.00) on shares of Ulta Beauty in a research report on Friday, May 30th. Evercore ISI lifted their target price on shares of Ulta Beauty from $465.00 to $490.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Wall Street Zen upgraded shares of Ulta Beauty from a “hold” rating to a “buy” rating in a research note on Saturday, June 28th. Finally, Canaccord Genuity Group increased their price target on shares of Ulta Beauty from $510.00 to $542.00 and gave the stock a “buy” rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $465.04.

Read Our Latest Analysis on Ulta Beauty

Ulta Beauty Stock Performance

Ulta Beauty stock opened at $514.95 on Monday. Ulta Beauty Inc. has a fifty-two week low of $309.01 and a fifty-two week high of $515.99. The firm has a market capitalization of $23.15 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 3.12 and a beta of 1.08. The stock’s fifty day moving average is $464.66 and its two-hundred day moving average is $407.82.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The specialty retailer reported $6.70 EPS for the quarter, beating analysts’ consensus estimates of $5.73 by $0.97. Ulta Beauty had a net margin of 10.45% and a return on equity of 49.73%. The firm had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the company earned $6.47 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that Ulta Beauty Inc. will post 23.96 EPS for the current fiscal year.

Ulta Beauty Company Profile

(Free Report)

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.

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