JPMorgan Chase & Co. Increases Ulta Beauty (NASDAQ:ULTA) Price Target to $606.00

Ulta Beauty (NASDAQ:ULTA) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $600.00 to $606.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 10.57% from the stock’s previous close.

Several other equities analysts have also commented on ULTA. Canaccord Genuity Group upped their price target on shares of Ulta Beauty from $650.00 to $653.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Ulta Beauty in a research note on Wednesday, October 8th. Oppenheimer raised their price target on shares of Ulta Beauty from $510.00 to $600.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Evercore ISI lifted their price target on Ulta Beauty from $595.00 to $640.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Finally, The Goldman Sachs Group boosted their price objective on Ulta Beauty from $530.00 to $584.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Fourteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $549.83.

Ulta Beauty Price Performance

Shares of ULTA opened at $548.05 on Monday. Ulta Beauty has a 12 month low of $309.01 and a 12 month high of $572.23. The stock has a fifty day moving average price of $531.39 and a 200 day moving average price of $504.15. The company has a market cap of $24.57 billion, a P/E ratio of 21.01, a PEG ratio of 3.62 and a beta of 0.87.

Insider Buying and Selling

In related news, Director Mike C. Smith sold 500 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $528.43, for a total transaction of $264,215.00. Following the sale, the director owned 2,263 shares of the company’s stock, valued at $1,195,837.09. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ulta Beauty

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Ulta Beauty by 128.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,225,023 shares of the specialty retailer’s stock valued at $449,021,000 after buying an additional 688,267 shares in the last quarter. Norges Bank bought a new stake in Ulta Beauty in the second quarter worth about $258,791,000. JPMorgan Chase & Co. lifted its holdings in Ulta Beauty by 81.7% in the 1st quarter. JPMorgan Chase & Co. now owns 913,600 shares of the specialty retailer’s stock valued at $334,871,000 after acquiring an additional 410,900 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Ulta Beauty by 64.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 931,557 shares of the specialty retailer’s stock valued at $341,453,000 after purchasing an additional 366,147 shares in the last quarter. Finally, Holocene Advisors LP boosted its position in shares of Ulta Beauty by 339.6% during the 3rd quarter. Holocene Advisors LP now owns 379,939 shares of the specialty retailer’s stock valued at $207,732,000 after purchasing an additional 293,516 shares in the last quarter. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Ulta Beauty Company 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.