Nemes Rush Group Cuts Ulta Beauty Stake by 89.2% in Q2

Nemes Rush Group LLC significantly reduced its holdings in Ulta Beauty Inc. (NASDAQ: ULTA) by selling 5,368 shares during the second quarter of 2023. This decision led to an 89.2% decrease in their stake, leaving the firm with only 651 shares valued at approximately $305,000 as of the latest filing with the Securities and Exchange Commission (SEC).

Several institutional investors have also made notable adjustments to their positions in Ulta Beauty. For instance, Price T Rowe Associates Inc. increased its stake by 128.2% during the first quarter, acquiring an additional 688,267 shares. This brings their total holdings to 1,225,023 shares, valued at $449,021,000. Similarly, T. Rowe Price Investment Management Inc. boosted its investment by 64.8%, now owning 931,557 shares worth $341,453,000 after purchasing an additional 366,147 shares.

JPMorgan Chase & Co. raised its holdings by 81.7%, acquiring 410,900 shares to reach a total of 913,600 shares valued at $334,871,000. Invesco Ltd. also increased its position by 10.9%, now owning 813,639 shares worth $298,231,000 following a purchase of 79,666 shares. Franklin Resources Inc. lifted its stake by 5.4% in the second quarter, bringing its total to 582,635 shares valued at $272,568,000. Overall, institutional investors and hedge funds now hold 90.39% of Ulta Beauty’s stock.

Ulta Beauty’s Market Performance and Analyst Ratings

On Monday, Ulta Beauty’s stock opened at $515.58, with a market capitalization of $23.12 billion. The company has a price-to-earnings (P/E) ratio of 19.77, a P/E/G ratio of 3.41, and a beta of 1.05. Over the past year, the stock has fluctuated between a low of $309.01 and a high of $572.23. The fifty-day moving average stands at $530.13, while the 200-day moving average is $497.81.

Recent reports from equities research analysts indicate a generally positive outlook for Ulta Beauty. On August 29, Cowen reaffirmed a “hold” rating for the company’s shares. The Goldman Sachs Group raised its price target from $530.00 to $584.00, assigning a “buy” rating. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on September 26. Barclays increased its target price from $589.00 to $617.00 and rated the stock as “overweight.” Telsey Advisory Group reiterated an “outperform” rating with a target price of $610.00.

Among analysts, one has rated the stock as a Strong Buy, thirteen have issued Buy ratings, eleven have classified it as Hold, and one has assigned a Sell rating. According to MarketBeat.com, the average rating is “Moderate Buy” with a consensus target price of $550.38.

Insider Activity at Ulta Beauty

In related developments, Director Mike C. Smith sold 500 shares of Ulta Beauty on September 4, with an average sale price of $528.43, totaling $264,215.00. Following this transaction, Smith retains ownership of 2,263 shares valued at approximately $1,195,837.09, representing an 18.10% decrease in his position. This transaction was reported in a filing with the SEC, which is publicly accessible.

Ulta Beauty, Inc. operates as a specialty beauty retailer in the United States, offering a range of branded and private label products, including cosmetics, fragrances, hair care, skin care, and salon tools through various channels including its stores, website, and mobile applications.