Piper Sandler Cuts Ulta Beauty (NASDAQ:ULTA) Price Target to $364.00

Ulta Beauty (NASDAQ:ULTA) had its price target cut by investment analysts at Piper Sandler from $425.00 to $364.00 in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. Piper Sandler’s price objective would suggest a potential upside of 1.82% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. TD Cowen lifted their price objective on Ulta Beauty from $450.00 to $480.00 and gave the company a “hold” rating in a research report on Wednesday, January 8th. Canaccord Genuity Group boosted their price target on Ulta Beauty from $500.00 to $538.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. B. Riley raised shares of Ulta Beauty from a “sell” rating to a “neutral” rating and raised their price objective for the company from $330.00 to $430.00 in a research report on Tuesday, January 7th. Oppenheimer boosted their target price on shares of Ulta Beauty from $505.00 to $515.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Finally, DA Davidson raised their price target on shares of Ulta Beauty from $435.00 to $510.00 and gave the company a “buy” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $431.13.

Ulta Beauty Price Performance

NASDAQ:ULTA opened at $357.48 on Friday. The stock has a market cap of $16.58 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 0.89 and a beta of 1.34. Ulta Beauty has a fifty-two week low of $309.01 and a fifty-two week high of $544.36. The stock’s 50-day moving average is $385.01 and its two-hundred day moving average is $386.80.

Ulta Beauty (NASDAQ:ULTA) last announced its quarterly earnings data on Thursday, March 13th. The specialty retailer reported $8.46 EPS for the quarter, beating analysts’ consensus estimates of $7.13 by $1.33. Ulta Beauty had a net margin of 10.58% and a return on equity of 51.95%. The firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the previous year, the firm posted $8.08 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. On average, equities research analysts anticipate that Ulta Beauty will post 23.96 earnings per share for the current year.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds have recently made changes to their positions in ULTA. Impax Asset Management Group plc raised its holdings in Ulta Beauty by 11.8% in the 3rd quarter. Impax Asset Management Group plc now owns 93,419 shares of the specialty retailer’s stock valued at $36,351,000 after acquiring an additional 9,863 shares in the last quarter. Sigma Planning Corp increased its position in shares of Ulta Beauty by 49.2% during the third quarter. Sigma Planning Corp now owns 1,159 shares of the specialty retailer’s stock valued at $451,000 after purchasing an additional 382 shares during the period. Apollon Wealth Management LLC raised its stake in shares of Ulta Beauty by 44.7% in the third quarter. Apollon Wealth Management LLC now owns 1,399 shares of the specialty retailer’s stock valued at $544,000 after purchasing an additional 432 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Ulta Beauty by 1.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 111,909 shares of the specialty retailer’s stock worth $43,546,000 after purchasing an additional 1,687 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its stake in Ulta Beauty by 24.9% during the third quarter. Oppenheimer & Co. Inc. now owns 9,907 shares of the specialty retailer’s stock worth $3,855,000 after buying an additional 1,977 shares in the last quarter. 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.