EFG Asset Management North America Corp. has reduced its ownership in Ulta Beauty Inc. (NASDAQ: ULTA) by 4.4% during the first quarter of 2023. As per the firm’s latest filing with the Securities and Exchange Commission (SEC), EFG now holds 4,993 shares after selling 232 shares during this period. The remaining shares are valued at approximately $1.83 million.
Several institutional investors have adjusted their positions in Ulta Beauty recently. Notably, AllianceBernstein L.P. increased its stake by an impressive 139.1%, acquiring an additional 101,737 shares to bring its total to 174,874 shares, valued at about $64.1 million. Other significant changes include Banque Transatlantique SA purchasing a new stake worth around $101,000, and AQR Capital Management LLC boosting its holdings by 237.7%, now owning 270,420 shares worth $96.67 million.
In addition, Alexis Investment Partners LLC raised its stake by 4.9%, and Federation des caisses Desjardins du Quebec expanded its investment by 4.7%. Collectively, hedge funds and institutional investors now own 90.39% of Ulta Beauty’s stock.
Analyst Ratings and Market Performance
Recent analyst evaluations reflect a generally positive outlook for Ulta Beauty. On August 29, 2023, Bank of America increased its price target on the stock from $500 to $575, maintaining a “neutral” rating. Meanwhile, Raymond James Financial reaffirmed an “outperform” rating, raising its price target from $580 to $605. Other analysts, including Citigroup and Wells Fargo & Company, have also adjusted their price targets, indicating a consensus rating of “Hold” with a target price of approximately $543.13 according to data from MarketBeat.
On the trading front, Ulta Beauty’s stock opened at $529.50 on August 28, 2023, with a market capitalization of $23.74 billion. The stock has fluctuated within a 12-month range of $309.01 to $539.00. Its current price-to-earnings (P/E) ratio stands at 20.30, with a price-to-earnings-growth (PEG) ratio of 2.92.
Quarterly Earnings Highlights
Ulta Beauty reported strong quarterly earnings on August 28, 2023, showing earnings per share (EPS) of $5.78, surpassing analysts’ expectations of $5.03 by $0.75. The company generated revenue of $2.79 billion, exceeding anticipated figures of $2.66 billion. In comparison to the prior year, Ulta’s quarterly revenue displayed a year-over-year increase of 9.3%, while the return on equity reached 48.78% with a net margin of 10.31%.
Analysts project that Ulta Beauty will achieve an EPS of $23.96 for the current fiscal year, indicating continued growth for the specialty retailer.
About Ulta Beauty:
Ulta Beauty, Inc. operates as a leading specialty beauty retailer in the United States, offering a wide range of branded and private label products, including cosmetics, fragrance, haircare, skincare, and salon tools, through its extensive retail outlets, website, and mobile applications.
