The Ultimate Software Group, Inc. (ULTI) Coverage Initiated at Bank of America Corporation

Equities researchers at Bank of America Corporation started coverage on shares of The Ultimate Software Group, Inc. (NASDAQ:ULTI) in a research note issued on Monday, November 6th, MarketBeat reports. The brokerage set an “underperform” rating and a $187.00 price target on the technology company’s stock. Bank of America Corporation’s target price would indicate a potential downside of 5.42% from the stock’s current price.

A number of other brokerages have also recently weighed in on ULTI. Stifel Nicolaus increased their target price on shares of The Ultimate Software Group from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Royal Bank Of Canada restated a “buy” rating and set a $216.00 price objective on shares of The Ultimate Software Group in a research report on Tuesday, October 10th. Canaccord Genuity reduced their price objective on shares of The Ultimate Software Group from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Wednesday, August 2nd. Zacks Investment Research raised shares of The Ultimate Software Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. Finally, Deutsche Bank AG lowered shares of The Ultimate Software Group from a “buy” rating to a “hold” rating and reduced their price target for the stock from $230.00 to $210.00 in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $231.58.

The Ultimate Software Group (NASDAQ ULTI) traded up $0.23 on Monday, reaching $197.72. 368,133 shares of the company’s stock traded hands, compared to its average volume of 382,256. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.01. The Ultimate Software Group has a 12 month low of $180.29 and a 12 month high of $233.42. The stock has a market capitalization of $5,907.08, a P/E ratio of 188.30, a P/E/G ratio of 15.33 and a beta of 1.09.

The Ultimate Software Group (NASDAQ:ULTI) last posted its quarterly earnings results on Wednesday, November 1st. The technology company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.17. The firm had revenue of $236.11 million for the quarter, compared to analysts’ expectations of $232.92 million. The Ultimate Software Group had a net margin of 3.31% and a return on equity of 6.84%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. equities research analysts anticipate that The Ultimate Software Group will post 0.63 EPS for the current year.

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In other news, Chairman Scott Scherr sold 43,537 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $196.21, for a total transaction of $8,542,394.77. Following the sale, the chairman now directly owns 426,427 shares of the company’s stock, valued at approximately $83,669,241.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James A. Fitzpatrick, Jr. sold 4,585 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $205.82, for a total value of $943,684.70. Following the sale, the director now owns 14,650 shares of the company’s stock, valued at $3,015,263. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,259 shares of company stock worth $22,912,048. Company insiders own 4.90% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. FMR LLC increased its stake in shares of The Ultimate Software Group by 4.9% in the second quarter. FMR LLC now owns 3,869,769 shares of the technology company’s stock valued at $812,884,000 after buying an additional 180,698 shares during the period. Janus Henderson Group PLC grew its stake in The Ultimate Software Group by 10.5% during the third quarter. Janus Henderson Group PLC now owns 2,480,892 shares of the technology company’s stock worth $470,377,000 after purchasing an additional 235,848 shares during the period. BlackRock Inc. grew its stake in The Ultimate Software Group by 1.4% during the second quarter. BlackRock Inc. now owns 2,421,091 shares of the technology company’s stock worth $508,574,000 after purchasing an additional 32,430 shares during the period. Vanguard Group Inc. grew its stake in The Ultimate Software Group by 3.2% in the second quarter. Vanguard Group Inc. now owns 2,300,574 shares of the technology company’s stock valued at $483,258,000 after acquiring an additional 71,422 shares during the period. Finally, Wells Fargo & Company MN grew its stake in The Ultimate Software Group by 2.7% in the third quarter. Wells Fargo & Company MN now owns 1,206,051 shares of the technology company’s stock valued at $228,666,000 after acquiring an additional 31,945 shares during the period.

The Ultimate Software Group Company Profile

The Ultimate Software Group, Inc (Ultimate) is a cloud provider of people management solutions, referred to as human capital management (HCM). The Company’s UltiPro product suite (UltiPro) is an engaging solution that has human resources (HR), payroll and benefits management. As of December 31, 2016, UltiPro included global people management, available in 14 languages with more than 35 country-specific localizations.

Analyst Recommendations for The Ultimate Software Group (NASDAQ:ULTI)

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