The Ultimate Software Group (ULTI) PT Raised to $266.00 at Bank of America

The Ultimate Software Group (NASDAQ:ULTI) had its price objective lifted by investment analysts at Bank of America from $258.00 to $266.00 in a report issued on Wednesday. The brokerage currently has an “underperform” rating on the technology company’s stock. Bank of America’s price objective would suggest a potential downside of 16.96% from the company’s current price.

A number of other research firms have also issued reports on ULTI. Needham & Company LLC upped their target price on The Ultimate Software Group to $370.00 and gave the company a “buy” rating in a research note on Monday, September 17th. BidaskClub lowered The Ultimate Software Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $360.00 target price on shares of The Ultimate Software Group in a research note on Monday, August 27th. Wells Fargo & Co set a $330.00 target price on The Ultimate Software Group and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, JMP Securities upped their target price on The Ultimate Software Group from $280.00 to $317.00 and gave the company a “$293.94” rating in a research note on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $294.70.

ULTI stock traded down $2.59 on Wednesday, reaching $320.33. The company had a trading volume of 8,086 shares, compared to its average volume of 273,892. The Ultimate Software Group has a 1 year low of $182.55 and a 1 year high of $332.43. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market cap of $9.93 billion, a P/E ratio of 396.10, a PEG ratio of 5.84 and a beta of 1.03.

The Ultimate Software Group (NASDAQ:ULTI) last posted its earnings results on Tuesday, July 31st. The technology company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The Ultimate Software Group had a return on equity of 7.74% and a net margin of 3.60%. The firm had revenue of $271.16 million for the quarter, compared to analyst estimates of $268.84 million. research analysts predict that The Ultimate Software Group will post 2.24 earnings per share for the current year.

In other The Ultimate Software Group news, Chairman Marc D. Scherr sold 10,000 shares of the business’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $279.41, for a total value of $2,794,100.00. Following the completion of the transaction, the chairman now directly owns 202,571 shares in the company, valued at approximately $56,600,363.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John C. Phenicie sold 5,000 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $279.07, for a total value of $1,395,350.00. The disclosure for this sale can be found here. Insiders sold a total of 15,505 shares of company stock valued at $4,329,184 over the last quarter. 3.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ULTI. Great West Life Assurance Co. Can increased its holdings in shares of The Ultimate Software Group by 2.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 16,869 shares of the technology company’s stock worth $4,111,000 after buying an additional 350 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of The Ultimate Software Group by 144.3% during the 2nd quarter. Renaissance Technologies LLC now owns 92,614 shares of the technology company’s stock worth $23,831,000 after buying an additional 54,700 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of The Ultimate Software Group by 23,735.4% during the 1st quarter. Summit Trail Advisors LLC now owns 115,840 shares of the technology company’s stock worth $116,000 after buying an additional 115,354 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of The Ultimate Software Group by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 343,204 shares of the technology company’s stock worth $88,309,000 after buying an additional 6,540 shares during the last quarter. Finally, Hancock Holding Co. acquired a new stake in shares of The Ultimate Software Group during the 1st quarter worth $453,000.

About The Ultimate Software Group

The Ultimate Software Group, Inc provides cloud-based human capital management solutions primarily to enterprise companies in the United States and Canada. The company's UltiPro software solution delivers the functionality businesses to manage the employee life cycle from recruitment to retirement.

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