Nemes Rush Group Sells 5,368 Shares of Ulta Beauty, Adjusts Portfolio

Nemes Rush Group LLC has significantly reduced its stake in Ulta Beauty Inc. (NASDAQ: ULTA), selling 5,368 shares during the second quarter of 2023. Following this transaction, the firm now holds only 651 shares, reflecting an 89.2% decrease in its investment. As of the latest filing with the U.S. Securities and Exchange Commission (SEC), Nemes Rush Group’s holdings in the specialty retailer are valued at approximately $305,000.

Several other institutional investors have also adjusted their positions in Ulta Beauty recently. For instance, Price T Rowe Associates Inc. (MD) boosted its stake by 128.2% in the first quarter, now owning 1,225,023 shares worth $449.02 million after acquiring an additional 688,267 shares. Similarly, T. Rowe Price Investment Management Inc. increased its holdings by 64.8%, and now possesses 931,557 shares valued at $341.45 million.

JPMorgan Chase & Co. also expanded its investment in Ulta Beauty by 81.7%, bringing its total shares to 913,600, worth $334.87 million. Invesco Ltd. raised its stake by 10.9% and now owns 813,639 shares valued at $298.23 million, while Franklin Resources Inc. increased its holdings by 5.4% and now holds 582,635 shares valued at $272.57 million. Institutional investors and hedge funds collectively own 90.39% of the company’s stock.

Current Market Performance and Analyst Ratings

As of Monday, Ulta Beauty shares opened at $515.58. The company boasts a market capitalization of $23.12 billion and a price-to-earnings (P/E) ratio of 19.77. Over the past year, the stock has traded between a low of $309.01 and a high of $572.23. The current fifty-day simple moving average stands at $530.13, while the two-hundred-day average is $497.81.

Several equity research analysts have issued insights on Ulta Beauty. Cowen reaffirmed a “hold” rating on the stock on August 29, 2023. On the same day, the Goldman Sachs Group raised its price target from $530.00 to $584.00 and maintained a “buy” rating. Conversely, Wall Street Zen downgraded its rating from “buy” to “hold” on September 26, 2023. Barclays also increased its target price for Ulta Beauty from $589.00 to $617.00, issuing an “overweight” rating on September 2, 2023. The Telsey Advisory Group reiterated an “outperform” rating with a price target of $610.00 on October 17, 2023.

The consensus among analysts indicates a “Moderate Buy” rating, with an average target price of $550.38 based on data from MarketBeat.com. One analyst rates the stock as a “Strong Buy,” while thirteen have issued a “Buy” rating, and eleven have issued a “Hold” rating.

Insider Transactions and Company Overview

In related news, Ulta Beauty’s Director, Mike C. Smith, sold 500 shares on September 4, 2023, at an average price of $528.43, totaling $264,215. Following this transaction, Smith directly owns 2,263 shares valued at approximately $1.20 million. This sale represents an 18.10% reduction in his position. The transaction was disclosed in a document filed with the SEC.

Ulta Beauty, Inc. operates as a specialty beauty retailer in the United States, offering a wide range of branded and private label beauty products. Its offerings include cosmetics, fragrances, haircare, skincare, and professional salon tools, available through Ulta Beauty stores, shop-in-shops, its website, and mobile applications.

For those interested in the latest movements in Ulta Beauty’s stock and institutional holdings, further details can be accessed through HoldingsChannel.com and MarketBeat.com.