Ulta Beauty (NASDAQ:ULTA) Shares Gap Up on Earnings Beat

Ulta Beauty, Inc. (NASDAQ:ULTA)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $314.47, but opened at $342.20. Ulta Beauty shares last traded at $343.38, with a volume of 849,394 shares changing hands.

The specialty retailer reported $8.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.13 by $1.33. The firm had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.47 billion. Ulta Beauty had a net margin of 10.58% and a return on equity of 51.95%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $8.08 earnings per share.

Wall Street Analyst Weigh In

ULTA has been the topic of several analyst reports. TD Cowen raised their price target on shares of Ulta Beauty from $450.00 to $480.00 and gave the company a “hold” rating in a research report on Wednesday, January 8th. Telsey Advisory Group restated an “outperform” rating and set a $500.00 price target on shares of Ulta Beauty in a research report on Monday, March 10th. Wells Fargo & Company dropped their price target on shares of Ulta Beauty from $360.00 to $310.00 and set an “underweight” rating on the stock in a research report on Friday. UBS Group raised their price target on shares of Ulta Beauty from $470.00 to $490.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Oppenheimer raised their price target on shares of Ulta Beauty from $505.00 to $515.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. One investment 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, the company presently has an average rating of “Hold” and a consensus target price of $431.13.

Hedge Funds Weigh In On Ulta Beauty

A number of institutional investors and hedge funds have recently bought and sold shares of ULTA. Prestige Wealth Management Group LLC raised its stake in Ulta Beauty by 121.4% during the fourth quarter. Prestige Wealth Management Group LLC now owns 62 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 34 shares during the period. Sunbelt Securities Inc. raised its stake in Ulta Beauty by 118.4% during the third quarter. Sunbelt Securities Inc. now owns 83 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 45 shares during the period. Westside Investment Management Inc. raised its stake in Ulta Beauty by 151.5% during the third quarter. Westside Investment Management Inc. now owns 83 shares of the specialty retailer’s stock worth $32,000 after purchasing an additional 50 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Ulta Beauty during the fourth quarter worth about $43,000. Finally, Ameliora Wealth Management Ltd. purchased a new position in Ulta Beauty during the fourth quarter worth about $43,000. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Ulta Beauty Price Performance

The business’s 50 day simple moving average is $385.01 and its 200 day simple moving average is $386.80. The company has a market capitalization of $16.58 billion, a PE ratio of 14.30, a P/E/G ratio of 0.89 and a beta of 1.34.

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.