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

Ulta Beauty (NASDAQ:ULTA) issued an update on its FY 2024 earnings guidance on Saturday morning. The company provided earnings per share (EPS) guidance of 25.200-26.000 for the period, compared to the consensus 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.

Ulta Beauty Trading Up 1.5 %

NASDAQ ULTA opened at $389.72 on Tuesday. Ulta Beauty has a 12 month low of $368.02 and a 12 month high of $574.76. The stock has a market cap of $18.60 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.67 and a beta of 1.36. The company’s 50 day moving average is $395.21 and its two-hundred day moving average is $465.54.

Ulta Beauty (NASDAQ:ULTA) last released its quarterly earnings data on Thursday, May 30th. The specialty retailer reported $6.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.19 by $0.28. The firm had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Ulta Beauty had a net margin of 11.13% and a return on equity of 58.06%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $6.88 earnings per share. Sell-side analysts forecast that Ulta Beauty will post 25.76 EPS for the current year.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Ulta Beauty from $505.00 to $498.00 and set an overweight rating on the stock in a research report on Friday, May 31st. TD Cowen cut their target price on shares of Ulta Beauty from $520.00 to $500.00 and set a buy rating for the company in a report on Friday, May 31st. UBS Group raised their target price on shares of Ulta Beauty from $575.00 to $690.00 and gave the company a buy rating in a report on Tuesday, March 5th. Telsey Advisory Group reissued an outperform rating and issued a $500.00 target price on shares of Ulta Beauty in a report on Friday, May 31st. Finally, Evercore ISI cut their target price on shares of Ulta Beauty from $630.00 to $500.00 and set an outperform rating for the company in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $507.30.

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.