Investment analysts at Bank of America Corporation began coverage on shares of The Ultimate Software Group, Inc. (NASDAQ:ULTI) in a research report issued to clients and investors 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 5.72% from the company’s previous close.
Several other analysts have also issued reports on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $210.00 price target on shares of The Ultimate Software Group in a research report on Friday, October 20th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $250.00 price objective on shares of The Ultimate Software Group in a report on Saturday, July 22nd. ValuEngine upgraded shares of The Ultimate Software Group from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research upgraded shares of The Ultimate Software Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Finally, KeyCorp set a $255.00 price target on shares of The Ultimate Software Group and gave the company a “buy” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $231.58.
The Ultimate Software Group (NASDAQ ULTI) opened at $198.34 on Monday. The firm has a market cap of $5,884.93, a P/E ratio of 187.60, a PEG ratio of 15.27 and a beta of 1.09. The Ultimate Software Group has a 1-year low of $180.29 and a 1-year high of $233.42. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.01.
In related news, Director James A. Fitzpatrick, Jr. sold 4,585 shares of The Ultimate Software Group stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $205.82, for a total value of $943,684.70. Following the completion of the sale, the director now owns 14,650 shares of the company’s stock, valued at approximately $3,015,263. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Robert Manne sold 5,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $206.08, for a total value of $1,030,400.00. Following the transaction, the vice president now owns 76,484 shares in the company, valued at $15,761,822.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 116,259 shares of company stock valued at $22,912,048. Insiders own 4.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Westpac Banking Corp raised its stake in The Ultimate Software Group by 88.2% in the 3rd quarter. Westpac Banking Corp now owns 25,633 shares of the technology company’s stock valued at $4,860,000 after acquiring an additional 12,012 shares during the period. Principal Financial Group Inc. raised its stake in The Ultimate Software Group by 2.2% in the 2nd quarter. Principal Financial Group Inc. now owns 123,812 shares of the technology company’s stock valued at $26,008,000 after acquiring an additional 2,715 shares during the period. Bank of Nova Scotia bought a new stake in The Ultimate Software Group in the 2nd quarter valued at about $1,884,000. Alliancebernstein L.P. raised its stake in The Ultimate Software Group by 3.8% in the 2nd quarter. Alliancebernstein L.P. now owns 333,477 shares of the technology company’s stock valued at $70,050,000 after acquiring an additional 12,242 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in The Ultimate Software Group by 71.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,207 shares of the technology company’s stock valued at $2,354,000 after acquiring an additional 4,668 shares during the period.
ILLEGAL ACTIVITY NOTICE: “Bank of America Corporation Begins Coverage on The Ultimate Software Group, Inc. (ULTI)” was published by BBNS and is owned by of BBNS. If you are viewing this news story on another site, it was illegally copied and republished in violation of United States & international trademark & copyright laws. The original version of this news story can be viewed at https://baseballnewssource.com/markets/the-ultimate-software-group-inc-ulti-coverage-initiated-at-bank-of-america-corporation/1762661.html.
About The Ultimate Software Group
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.
Receive News & Ratings for The Ultimate Software Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Ultimate Software Group Inc. and related companies with our FREE daily email newsletter.