Independent Advisor Alliance Reduces Stock Position in Ulta Beauty Inc. (NASDAQ:ULTA)

Independent Advisor Alliance cut its holdings in shares of Ulta Beauty Inc. (NASDAQ:ULTA) by 10.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,277 shares of the specialty retailer’s stock after selling 390 shares during the quarter. Independent Advisor Alliance’s holdings in Ulta Beauty were worth $1,201,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ULTA. SouthState Corp raised its position in shares of Ulta Beauty by 8.2% during the 1st quarter. SouthState Corp now owns 8,640 shares of the specialty retailer’s stock valued at $3,167,000 after acquiring an additional 655 shares in the last quarter. CCM Investment Group LLC acquired a new stake in shares of Ulta Beauty during the 1st quarter valued at approximately $1,549,000. Nuveen LLC acquired a new stake in shares of Ulta Beauty during the 1st quarter valued at approximately $59,882,000. Magellan Asset Management Ltd grew its stake in Ulta Beauty by 17.9% during the 1st quarter. Magellan Asset Management Ltd now owns 79,200 shares of the specialty retailer’s stock worth $29,030,000 after buying an additional 12,021 shares during the last quarter. Finally, Entropy Technologies LP bought a new position in Ulta Beauty during the 1st quarter worth $1,649,000. 90.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ULTA shares. Piper Sandler restated a “neutral” rating and set a $437.00 price objective (up from $386.00) on shares of Ulta Beauty in a research note on Friday, May 30th. Oppenheimer upped their price objective on Ulta Beauty from $510.00 to $600.00 and gave the stock an “outperform” rating in a research note on Tuesday. Morgan Stanley upped their price objective on Ulta Beauty from $460.00 to $550.00 and gave the stock an “overweight” rating in a research note on Friday, May 30th. Barclays upped their price objective on Ulta Beauty from $327.00 to $485.00 and gave the stock an “equal weight” rating in a research note on Monday, June 2nd. Finally, Loop Capital restated a “hold” rating and set a $510.00 price objective on shares of Ulta Beauty in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Ulta Beauty currently has a consensus rating of “Hold” and a consensus target price of $473.00.

Ulta Beauty Stock Up 3.2%

Shares of Ulta Beauty stock opened at $532.71 on Thursday. The firm has a market cap of $23.95 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 3.11 and a beta of 1.12. The business has a fifty day simple moving average of $486.03 and a 200-day simple moving average of $416.90. Ulta Beauty Inc. has a fifty-two week low of $309.01 and a fifty-two week high of $534.10.

Ulta Beauty (NASDAQ:ULTA) last announced its quarterly earnings data on Thursday, May 29th. The specialty retailer reported $6.70 earnings per share for the quarter, beating the consensus estimate of $5.73 by $0.97. The business had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.79 billion. Ulta Beauty had a return on equity of 49.73% and a net margin of 10.45%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.47 earnings per share. Analysts anticipate that Ulta Beauty Inc. will post 23.96 earnings per share for the current fiscal year.

Ulta Beauty Profile

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.