Ulta Beauty (NASDAQ:ULTA) Updates FY 2024 Earnings Guidance

Ulta Beauty (NASDAQ:ULTA) updated its FY 2024 earnings guidance on Saturday. The company provided earnings per share guidance of 25.200-26.000 for the period, compared to the consensus earnings per share estimate of 26.330. The company issued revenue guidance of $11.5 billion-$11.6 billion, compared to the consensus revenue estimate of $11.7 billion.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Ulta Beauty from $438.00 to $412.00 and set a hold rating on the stock in a report on Friday, May 24th. The Goldman Sachs Group lowered their target price on Ulta Beauty from $605.00 to $476.00 and set a neutral rating on the stock in a research note on Tuesday, May 14th. Morgan Stanley lifted their target price on Ulta Beauty from $480.00 to $525.00 and gave the stock an equal weight rating in a research note on Friday, March 15th. Piper Sandler lowered their target price on Ulta Beauty from $505.00 to $498.00 and set an overweight rating on the stock in a research note on Friday, May 31st. Finally, TD Cowen lowered their target price on Ulta Beauty from $520.00 to $500.00 and set a buy rating on the stock in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Ulta Beauty presently has a consensus rating of Moderate Buy and a consensus price target of $507.30.

Ulta Beauty Trading Up 1.4 %

Shares of NASDAQ ULTA opened at $383.85 on Monday. Ulta Beauty has a 12 month low of $368.02 and a 12 month high of $574.76. The firm has a market capitalization of $18.32 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.65 and a beta of 1.36. The business has a 50-day moving average of $396.08 and a 200-day moving average of $466.25.

Ulta Beauty (NASDAQ:ULTA) last issued its quarterly earnings data on Thursday, May 30th. The specialty retailer reported $6.47 EPS for the quarter, topping the consensus estimate of $6.19 by $0.28. The company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.72 billion. Ulta Beauty had a return on equity of 58.06% and a net margin of 11.13%. Ulta Beauty’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.88 earnings per share. On average, analysts predict that Ulta Beauty will post 25.76 earnings per share for the current year.

Ulta Beauty announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 7.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

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.