Ulta Beauty (ULTA)

• Market cap: $18.8B
• 1 day: -2.01%
• 5 days: -2.37%
• 1 month: -4.38%
• 3 months: 8.96%
• 6 months: 1.13%
• Year to date: -5.63%
• 1 year: -14.33%
• 5 years: 48.42%
• 10 years: 218.50%
• Sector: Consumer Discretionary
• Industry: Retail Stores

About: With more than 1,400 freestanding stores and a partnership with Target, Ulta Beauty is the largest specialized beauty retailer in the US. The firm offers makeup (41% of 2023 sales), fragrances, skin care (19% of sales), and hair care products (19% of sales), and bath and body items. Ulta offers private-label products and more than 600 individual brands. It also offers salon services, including hair, makeup, skin, and brow services, in all stores. Most Ulta stores are approximately 10,000 square feet and are in suburban strip centers. The firm intends to open franchises in Mexico in 2025. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

Employees: 56,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

4.05% less ownership

Funds ownership: 95.75% [Q2] → 91.7% (-4.05%) [Q3]

5% less funds holding

Funds holding: 995 [Q2] → 948 (-47) [Q3]

7% less capital invested

Capital invested by funds: $17.6B [Q2] → $16.3B (-$1.3B) [Q3]

11% less repeat investments, than reductions

Existing positions increased: 329 | Existing positions reduced: 370

13% less funds holding in top 10

Funds holding in top 10: 8 [Q2] → 7 (-1) [Q3]

20% less call options, than puts

Call options by funds: $1.15B | Put options by funds: $1.43B

23% less first-time investments, than exits

New positions opened: 116 | Existing positions closed: 150

Research analyst outlook

17 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $370 9% downside
• Avg. target: $470 16% upside
• High target: $538 33% upside

17 analyst ratings

• positive: 8 47%
• neutral: 8 47%
• negative: 1 6%

Morgan Stanley Simeon Gutman 59% 1-year accuracy 20 / 34 met price target	23% upside $500	Overweight Upgraded	21 Jan 2025
Barclays Adrienne Yih 51% 1-year accuracy 48 / 95 met price target	10% upside $445	Equal-Weight Maintained	9 Jan 2025
TD Cowen Oliver Chen 42% 1-year accuracy 13 / 31 met price target	19% upside $480	Hold Maintained	8 Jan 2025
Canaccord Genuity Susan Anderson 47% 1-year accuracy 14 / 30 met price target	33% upside $538	Buy Maintained	7 Jan 2025
Citigroup Kelly Crago 0% 1-year accuracy 0 / 1 met price target	13% upside $457	Neutral Maintained	7 Jan 2025