Assenagon Asset Management S.A. has significantly increased its stake in Ulta Beauty Inc. (NASDAQ: ULTA), acquiring an additional 17,365 shares during the third quarter of 2023. This purchase elevated its total holdings to 36,647 shares, marking a remarkable 90.1% increase in its investment, according to a recent filing with the Securities and Exchange Commission. As of this filing, Assenagon’s holdings in Ulta Beauty were valued at approximately $20.04 million.
Several other institutional investors have also made adjustments to their positions in Ulta Beauty. Traphagen Investment Advisors LLC raised its stake by 9.3%, bringing its total to 601 shares worth about $329,000 after acquiring an additional 51 shares this quarter. Meanwhile, Aaron Wealth Advisors LLC increased its holdings by an impressive 215.1%, now owning 3,327 shares valued at around $1.82 million following a purchase of 2,271 shares.
In addition, GAMMA Investing LLC and Rowlandmiller & PARTNERS.ADV also expanded their investments in Ulta Beauty by 12.8% and 9.2%, respectively. GAMMA now holds 2,093 shares valued at approximately $1.14 million, while Rowlandmiller possesses 1,567 shares worth about $857,000. Additionally, Caldwell Trust Co. entered the market with a new stake valued at about $78,000. Currently, institutional investors own 90.39% of Ulta Beauty’s stock.
Market Performance and Analyst Ratings
On the trading front, Ulta Beauty opened at $597.88 on the NASDAQ on December 8, 2023. The stock has shown strong momentum, with a 50-day moving average of $539.95 and a 200-day moving average of $517.75. Over the past year, Ulta’s stock has fluctuated between a low of $309.01 and a high of $611.90. Currently, the company boasts a market capitalization of $26.52 billion, a price-to-earnings (P/E) ratio of 22.92, and a price-to-earnings-growth (PEG) ratio of 3.14.
Analysts have varied opinions on Ulta Beauty’s stock, with several firms recently adjusting their ratings. Cowen upgraded its rating from “hold” to “buy” on December 8, while Argus also moved its rating from “hold” to “buy,” setting a price target of $570.00. Research from B. Riley maintained a “neutral” stance, whereas Wall Street Zen downgraded their rating from “buy” to “hold.” Notably, Barclays reaffirmed an “overweight” rating, issuing a price target of $647.00. Overall, sixteen equities research analysts have rated Ulta Beauty as a “buy,” while ten have issued a “hold” rating and one has rated it as a “sell.” According to data from MarketBeat, Ulta Beauty currently holds an average rating of “Moderate Buy” with a target price of $576.50.
About Ulta Beauty Inc.
Ulta Beauty, Inc. is a leading U.S.-based specialty retailer and provider of beauty services. The company offers a comprehensive range of products, including cosmetics, fragrances, skincare, hair care, bath and body products, and beauty tools. Its dual-format business model combines brick-and-mortar stores with a robust e-commerce platform, catering to a diverse clientele with both national and private-label brands. Many locations also feature full-service salons, positioning Ulta as a convenient destination for beauty product discovery and in-store services.
