Ulta Beauty (NASDAQ:ULTA) Issues 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.

Ulta Beauty Stock Performance

Shares of ULTA stock opened at $383.85 on Friday. The stock 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 company’s 50-day simple moving average is $396.08 and its 200-day simple moving average is $466.55. Ulta Beauty has a one year low of $368.02 and a one year high of $574.76.

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

Ulta Beauty declared that its board has approved a share buyback 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 typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

ULTA has been the topic of a number of research reports. Telsey Advisory Group reissued an outperform rating and issued a $500.00 price objective on shares of Ulta Beauty in a research note on Friday, May 31st. Citigroup dropped their target price on shares of Ulta Beauty from $485.00 to $400.00 and set a neutral rating on the stock in a report on Friday, May 24th. Bank of America reduced their target price on shares of Ulta Beauty from $575.00 to $425.00 and set a neutral rating for the company in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Ulta Beauty from $574.00 to $627.00 in a research report on Friday, March 15th. Finally, Loop Capital upgraded Ulta Beauty from a hold rating to a buy rating and set a $540.00 price objective for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Ulta Beauty has an average rating of Moderate Buy and a consensus target price of $507.30.

About Ulta Beauty

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.