The Ultimate Software Group, Inc. (NASDAQ:ULTI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

According to Zacks, “The Ultimate Software Group, Inc. (Ultimate) is a cloud provider of people management solutions, referred to as human capital management (HCM). The Company’s UltiPro product suite (UltiPro) is an engaging solution that has human resources (HR), payroll and benefits management. As of December 31, 2016, UltiPro included global people management, available in 14 languages with more than 35 country-specific localizations. The solution is delivered through software-as-a-service (SaaS) to organizations based in the United States and Canada, including those with global workforces. The UltiPro solution includes feature sets for talent acquisition and onboarding, HR management and compliance, benefits management and online enrollment, payroll, performance management, compensation management with salary planning, budgeting, and development of incentive plans, succession management, reporting and analytical decision-making and predictive tools, and time and attendance. “

A number of other brokerages have also recently weighed in on ULTI. Canaccord Genuity decreased their price objective on The Ultimate Software Group from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Wednesday, August 2nd. Deutsche Bank AG cut The Ultimate Software Group from a “buy” rating to a “hold” rating and decreased their price objective for the company from $230.00 to $210.00 in a report on Wednesday, August 2nd. Roth Capital raised their price objective on The Ultimate Software Group from $254.00 to $280.00 and gave the company a “buy” rating in a report on Monday, July 31st. BidaskClub cut The Ultimate Software Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Finally, Royal Bank Of Canada decreased their price objective on The Ultimate Software Group from $233.00 to $216.00 and set an “outperform” rating on the stock in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company. The Ultimate Software Group has a consensus rating of “Buy” and an average price target of $235.29.

Shares of The Ultimate Software Group (ULTI) traded up 1.72% on Thursday, reaching $193.57. The company’s stock had a trading volume of 158,815 shares. The firm’s 50-day moving average price is $191.88 and its 200-day moving average price is $204.81. The stock has a market cap of $5.77 billion, a P/E ratio of 199.76 and a beta of 1.07. The Ultimate Software Group has a 12 month low of $180.29 and a 12 month high of $233.42.

The Ultimate Software Group (NASDAQ:ULTI) last issued its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.03). The business had revenue of $224.70 million for the quarter, compared to the consensus estimate of $228.02 million. The Ultimate Software Group had a net margin of 3.47% and a return on equity of 7.20%. The business’s revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.76 EPS. On average, analysts forecast that The Ultimate Software Group will post $3.53 earnings per share for the current fiscal year.

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In other news, Director James A. Fitzpatrick, Jr. sold 4,613 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $200.39, for a total transaction of $924,399.07. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $3,005,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert Manne sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $200.39, for a total value of $1,001,950.00. Following the transaction, the vice president now directly owns 78,633 shares in the company, valued at $15,757,266.87. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Balyasny Asset Management LLC increased its stake in shares of The Ultimate Software Group by 0.6% during the second quarter. Balyasny Asset Management LLC now owns 1,668 shares of the technology company’s stock valued at $350,000 after buying an additional 10 shares during the period. M&T Bank Corp increased its stake in shares of The Ultimate Software Group by 1.0% during the second quarter. M&T Bank Corp now owns 5,641 shares of the technology company’s stock valued at $1,184,000 after buying an additional 56 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of The Ultimate Software Group by 5.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,147 shares of the technology company’s stock valued at $241,000 after buying an additional 57 shares during the period. Teacher Retirement System of Texas increased its stake in shares of The Ultimate Software Group by 3.2% during the second quarter. Teacher Retirement System of Texas now owns 2,258 shares of the technology company’s stock valued at $474,000 after buying an additional 69 shares during the period. Finally, World Asset Management Inc increased its stake in shares of The Ultimate Software Group by 3.7% during the second quarter. World Asset Management Inc now owns 2,122 shares of the technology company’s stock valued at $446,000 after buying an additional 75 shares during the period.

About The Ultimate Software Group

The Ultimate Software Group, Inc (Ultimate) is a cloud provider of people management solutions, referred to as human capital management (HCM). The Company’s UltiPro product suite (UltiPro) is an engaging solution that has human resources (HR), payroll and benefits management. As of December 31, 2016, UltiPro included global people management, available in 14 languages with more than 35 country-specific localizations.

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Analyst Recommendations for The Ultimate Software Group (NASDAQ:ULTI)

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