Public Sector Pension Investment Board Reduces Holdings in Ulta Beauty, Inc. (NASDAQ:ULTA)

The Public Sector Pension Investment Board has significantly reduced its investment in Ulta Beauty, Inc. (NASDAQ:ULTA – Free Report) by 97.6% in the third quarter, based on their latest filing with the Securities and Exchange Commission (SEC). Following the sale of 84,560 shares, the board now owns just 2,086 shares of this popular specialty retailer, with their holdings valued at $812,000 according to the most recent SEC filing.

In addition to the Public Sector Pension Investment Board, several other institutional investors and hedge funds have also adjusted their positions in Ulta Beauty. For instance, International Assets Investment Management LLC dramatically increased its stake by an astonishing 180,713.0% during the third quarter, bringing their total to 1,238,569 shares, now valued at approximately $481,952,000 after acquiring an additional 1,237,884 shares. Meanwhile, Ontario Teachers Pension Plan Board has entered a new position in Ulta Beauty, valued at around $359,480,000 in the same quarter.

TD Asset Management Inc. also increased its position in Ulta Beauty by 14.1%. They now own 620,793 shares, which are worth $239,545,000 after an additional purchase of 76,721 shares. Additionally, Champlain Investment Partners LLC has raised its holdings by 5.4%, now owning 610,400 shares valued at $237,519,000 after acquiring 31,540 shares. Lastly, Alecta Tjanstepension Omsesidigt has upped its position by 14.4%, owning 516,405 shares worth $200,944,000 after buying 65,000 shares in the last quarter. Overall, institutional investors control about 90.39% of Ulta Beauty’s shares.

Recent Analyst Recommendations

Recent reports from various research firms have provided updates on Ulta Beauty’s stock. Evercore ISI lowered their price target for Ulta Beauty from $500.00 to $430.00, while maintaining an “outperform” rating on the stock as of August 26th. Conversely, UBS Group raised their target price from $470.00 to $490.00, giving the shares a “buy” rating in a recent report. Oppenheimer also increased their price target for Ulta Beauty from $435.00 to $505.00 and assigned an “outperform” rating.

Piper Sandler adjusted their price target from $357.00 to $360.00, maintaining a “neutral” rating. On the other hand, Wells Fargo & Company raised their price target from $300.00 to $350.00 but rated the stock as “underweight.” The current ratings breakdown indicates that two analysts have issued a sell rating, twelve have given a hold rating, and eleven have selected a buy rating. Overall, Ulta Beauty has a consensus rating of “Hold” with an average price target of $438.00, according to data from MarketBeat.com.

Ulta Beauty Stock Performance

As of the latest trading session, Ulta Beauty stock opened at $428.17. The company enjoys a market capitalization of $20.18 billion and has a price-to-earnings (PE) ratio of 17.13, alongside a price-to-earnings-growth ratio of 2.30 and a beta of 1.32. The stock has fluctuated significantly over the past year, with a low of $318.17 and a high of $574.76. Currently, the average for the 50-day moving average is $374.15, while the 200-day moving average is $376.64.

Ultabeauty (NASDAQ:ULTA – Get Free Report) announced its latest quarterly earnings on December 5th, reporting earnings per share (EPS) of $5.14, which exceeded the consensus estimate of $4.45 by $0.69. The retailer achieved a net margin of 10.68% and a return on equity of 54.02%. Revenue for the quarter hit $2.53 billion, compared to analyst expectations of $2.50 billion, marking a 1.7% increase from the same quarter last year. Analysts project that Ulta Beauty, Inc. will post an EPS of 23.07 for the current fiscal year.

About Ulta Beauty, Inc.

Ulta Beauty, Inc. operates as a prominent specialty beauty retailer across the United States. The company offers a variety of branded and private label beauty products, such as cosmetics, fragrances, haircare, skincare, bath and body products, professional-grade hair products, and salon styling tools, available through its dedicated retailers, online at Ulta.com, and via mobile applications.

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