Ulta Beauty, Inc. (NASDAQ:ULTA) Forecasted to Earn Q3 2023 Earnings of $4.09 Per Share

Ulta Beauty, Inc. (NASDAQ:ULTAGet Rating) – Stock analysts at Telsey Advisory Group boosted their Q3 2023 EPS estimates for shares of Ulta Beauty in a note issued to investors on Wednesday, November 23rd. Telsey Advisory Group analyst D. Telsey now anticipates that the specialty retailer will post earnings per share of $4.09 for the quarter, up from their prior estimate of $3.83. Telsey Advisory Group currently has a “Outperform” rating and a $510.00 target price on the stock. The consensus estimate for Ulta Beauty’s current full-year earnings is $21.21 per share. Telsey Advisory Group also issued estimates for Ulta Beauty’s FY2023 earnings at $21.33 EPS and FY2024 earnings at $22.88 EPS.

Ulta Beauty (NASDAQ:ULTAGet Rating) last released its quarterly earnings results on Thursday, August 25th. The specialty retailer reported $5.70 earnings per share for the quarter, beating analysts’ consensus estimates of $4.96 by $0.74. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.20 billion. Ulta Beauty had a net margin of 12.08% and a return on equity of 64.33%. Ulta Beauty’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter last year, the firm earned $4.56 EPS.

A number of other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Ulta Beauty from $548.00 to $563.00 and gave the company a “buy” rating in a research note on Wednesday, August 24th. Cowen raised their target price on shares of Ulta Beauty from $480.00 to $503.00 and gave the company an “outperform” rating in a research note on Friday, August 26th. Robert W. Baird raised their target price on shares of Ulta Beauty from $480.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, August 26th. UBS Group raised their target price on shares of Ulta Beauty to $540.00 in a research note on Wednesday, November 16th. Finally, Cowen raised their target price on shares of Ulta Beauty from $480.00 to $503.00 and gave the company an “outperform” rating in a research note on Friday, August 26th. Six equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ulta Beauty has an average rating of “Moderate Buy” and an average price target of $485.71.

Ulta Beauty Trading Down 0.6 %

Ulta Beauty stock opened at $447.37 on Thursday. The company has a market capitalization of $22.91 billion, a P/E ratio of 20.95, a P/E/G ratio of 1.52 and a beta of 1.32. The firm’s fifty day simple moving average is $409.60 and its 200-day simple moving average is $401.74. Ulta Beauty has a 1-year low of $330.80 and a 1-year high of $451.48.

Hedge Funds Weigh In On Ulta Beauty

Institutional investors have recently added to or reduced their stakes in the company. CENTRAL TRUST Co raised its stake in shares of Ulta Beauty by 3.0% in the third quarter. CENTRAL TRUST Co now owns 835 shares of the specialty retailer’s stock worth $335,000 after acquiring an additional 24 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Ulta Beauty by 2.4% in the third quarter. Moors & Cabot Inc. now owns 1,067 shares of the specialty retailer’s stock worth $428,000 after acquiring an additional 25 shares during the last quarter. Sawtooth Solutions LLC raised its stake in shares of Ulta Beauty by 4.3% in the third quarter. Sawtooth Solutions LLC now owns 627 shares of the specialty retailer’s stock worth $252,000 after acquiring an additional 26 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Ulta Beauty by 5.4% in the third quarter. Global Retirement Partners LLC now owns 508 shares of the specialty retailer’s stock worth $213,000 after acquiring an additional 26 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Ulta Beauty by 59.1% in the first quarter. Parkside Financial Bank & Trust now owns 70 shares of the specialty retailer’s stock worth $28,000 after acquiring an additional 26 shares during the last quarter. 89.20% of the stock is owned by institutional investors.

Insider Transactions at Ulta Beauty

In other news, insider Anita Jane Ryan sold 594 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $440.53, for a total transaction of $261,674.82. Following the completion of the transaction, the insider now directly owns 2,482 shares of the company’s stock, valued at approximately $1,093,395.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Catherine Ann Halligan sold 276 shares of Ulta Beauty stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $445.86, for a total transaction of $123,057.36. Following the completion of the transaction, the director now directly owns 2,168 shares of the company’s stock, valued at approximately $966,624.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anita Jane Ryan sold 594 shares of Ulta Beauty stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $440.53, for a total transaction of $261,674.82. Following the transaction, the insider now directly owns 2,482 shares of the company’s stock, valued at $1,093,395.46. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

About Ulta Beauty

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Ulta Beauty, Inc engages in the retail of beauty products. The company has one reportable segment, which includes retail stores, salon services, and e-commerce. Its products include makeup, skin care, tools and brushes, fragrance, and bath and body. Ulta was founded on January 9, 1990, and is headquartered in Bolingbrook, IL.

Further Reading

Earnings History and Estimates for Ulta Beauty (NASDAQ:ULTA)

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