Optimal Asset Management Inc. Increases Stock Position in Ulta Beauty Inc (NASDAQ:ULTA)
Optimal Asset Management Inc. increased its stake in shares of Ulta Beauty Inc (NASDAQ:ULTA) by 75.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 12,881 shares of the specialty retailer’s stock after buying an additional 5,532 shares during the quarter. Optimal Asset Management Inc.’s holdings in Ulta Beauty were worth $2,263,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. CWM LLC boosted its position in Ulta Beauty by 58.9% during the first quarter. CWM LLC now owns 151 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 56 shares during the period. Bray Capital Advisors purchased a new position in shares of Ulta Beauty in the first quarter worth $31,000. Harbor Investment Advisory LLC increased its stake in shares of Ulta Beauty by 60.4% in the first quarter. Harbor Investment Advisory LLC now owns 178 shares of the specialty retailer’s stock worth $31,000 after buying an additional 67 shares during the period. Quantbot Technologies LP purchased a new position in shares of Ulta Beauty in the fourth quarter worth $32,000. Finally, Ironwood Wealth Management LLC. increased its stake in shares of Ulta Beauty by 2,316.7% in the fourth quarter. Ironwood Wealth Management LLC. now owns 145 shares of the specialty retailer’s stock worth $37,000 after buying an additional 139 shares during the period. Institutional investors and hedge funds own 86.96% of the company’s stock.
In other Ulta Beauty news, Director Catherine Ann Halligan sold 500 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $256.55, for a total value of $128,275.00. Following the completion of the transaction, the director now owns 2,750 shares of the company’s stock, valued at approximately $705,512.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey J. Childs sold 3,494 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $238.41, for a total value of $833,004.54. Insiders own 4.70% of the company’s stock.
Ulta Beauty (NASDAQ:ULTA) last announced its quarterly earnings results on Thursday, May 28th. The specialty retailer reported ($1.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($2.00). The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.27 billion. Ulta Beauty had a return on equity of 24.36% and a net margin of 6.37%. The business’s revenue for the quarter was down 32.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 EPS. On average, equities research analysts anticipate that Ulta Beauty Inc will post 4.89 earnings per share for the current fiscal year.
Ulta Beauty declared that its Board of Directors has authorized a share buyback program on Thursday, March 12th that allows the company to repurchase $1.60 billion in shares. This repurchase authorization allows the specialty retailer to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Several analysts recently weighed in on the stock. Wells Fargo & Co lifted their price target on shares of Ulta Beauty from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Piper Sandler reiterated a “buy” rating and issued a $275.00 price target on shares of Ulta Beauty in a report on Wednesday, June 17th. Cfra lifted their price target on shares of Ulta Beauty from $240.00 to $275.00 and gave the company a “buy” rating in a report on Friday, May 29th. Telsey Advisory Group reiterated an “outperform” rating on shares of Ulta Beauty in a report on Monday, March 9th. Finally, Citigroup upgraded shares of Ulta Beauty from a “neutral” rating to a “buy” rating and set a $205.00 price target on the stock in a report on Friday, March 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $258.41.
About Ulta Beauty
Ulta Beauty, Inc operates as a beauty retailer in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; salon services, including hair, skin, makeup, and brow services; and others, including nail products and accessories.
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