The Ultimate Software Group, Inc. (NASDAQ:ULTI) had its price objective hoisted by analysts at Canaccord Genuity from $225.00 to $240.00 in a research report issued on Thursday. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity’s price target points to a potential upside of 18.47% from the company’s current price.

Several other equities analysts also recently commented on ULTI. Stifel Nicolaus upped their price objective on The Ultimate Software Group from $235.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday. BidaskClub downgraded The Ultimate Software Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $220.00 price objective (down previously from $226.00) on shares of The Ultimate Software Group in a research report on Thursday. KeyCorp set a $235.00 price objective on The Ultimate Software Group and gave the company a “buy” rating in a research report on Wednesday, August 16th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and issued a $240.00 price objective (up previously from $230.00) on shares of The Ultimate Software Group in a research report on Thursday. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $236.35.

The Ultimate Software Group (NASDAQ:ULTI) last announced its quarterly earnings data on Wednesday, November 1st. The technology company reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.17. The company had revenue of $236.11 million for the quarter, compared to the consensus estimate of $232.92 million. The Ultimate Software Group had a return on equity of 7.20% and a net margin of 3.47%. The Ultimate Software Group’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.78 EPS.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in shares of The Ultimate Software Group by 2.2% during the 2nd quarter. Principal Financial Group Inc. now owns 123,812 shares of the technology company’s stock worth $26,008,000 after purchasing an additional 2,715 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of The Ultimate Software Group by 3.8% during the 2nd quarter. Alliancebernstein L.P. now owns 333,477 shares of the technology company’s stock worth $70,050,000 after purchasing an additional 12,242 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of The Ultimate Software Group by 71.4% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,207 shares of the technology company’s stock worth $2,354,000 after purchasing an additional 4,668 shares during the last quarter. Bank of Nova Scotia purchased a new stake in shares of The Ultimate Software Group during the 2nd quarter worth $1,884,000. Finally, LS Investment Advisors LLC lifted its stake in shares of The Ultimate Software Group by 15.9% during the 2nd quarter. LS Investment Advisors LLC now owns 2,730 shares of the technology company’s stock worth $573,000 after purchasing an additional 374 shares during the last quarter.

The Ultimate Software Group Company Profile

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.

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

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