First Mercantile Trust Co. reduced its stake in The Ultimate Software Group, Inc. (NASDAQ:ULTI) by 24.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,386 shares of the technology company’s stock after selling 757 shares during the period. First Mercantile Trust Co.’s holdings in The Ultimate Software Group were worth $501,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Creative Planning raised its position in shares of The Ultimate Software Group by 257.4% in the second quarter. Creative Planning now owns 504 shares of the technology company’s stock valued at $106,000 after buying an additional 363 shares during the period. Acrospire Investment Management LLC raised its position in shares of The Ultimate Software Group by 50.0% in the first quarter. Acrospire Investment Management LLC now owns 600 shares of the technology company’s stock valued at $117,000 after buying an additional 200 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in shares of The Ultimate Software Group by 1,318.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 709 shares of the technology company’s stock valued at $138,000 after buying an additional 659 shares during the period. Sphera Funds Management LTD. bought a new position in shares of The Ultimate Software Group during the first quarter valued at about $156,000. Finally, Huntington National Bank raised its position in shares of The Ultimate Software Group by 24.7% in the second quarter. Huntington National Bank now owns 857 shares of the technology company’s stock valued at $180,000 after buying an additional 170 shares during the period.

The Ultimate Software Group, Inc. (NASDAQ ULTI) opened at 192.92 on Wednesday. The company has a market capitalization of $5.75 billion, a P/E ratio of 199.09 and a beta of 1.08. The company has a 50-day moving average of $212.03 and a 200-day moving average of $205.89. The Ultimate Software Group, Inc. has a 1-year low of $180.29 and a 1-year high of $233.42.

The Ultimate Software Group (NASDAQ:ULTI) last released its quarterly earnings data on Tuesday, August 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.03. The company had revenue of $224.70 million during the quarter, compared to analysts’ expectations of $228.02 million. The Ultimate Software Group had a net margin of 3.47% and a return on equity of 7.20%. The Ultimate Software Group’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share. Equities analysts expect that The Ultimate Software Group, Inc. will post $3.53 EPS for the current fiscal year.

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Several analysts have issued reports on the stock. KeyCorp restated a “buy” rating and set a $235.00 price target on shares of The Ultimate Software Group in a research report on Wednesday. Canaccord Genuity restated a “buy” rating and set a $225.00 price target (down from $240.00) on shares of The Ultimate Software Group in a research report on Tuesday, August 8th. BidaskClub lowered shares of The Ultimate Software Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Credit Suisse Group restated an “outperform” rating and set a $245.00 price target (down from $260.00) on shares of The Ultimate Software Group in a research report on Monday. Finally, Royal Bank Of Canada cut their price target on shares of The Ultimate Software Group from $233.00 to $216.00 and set an “outperform” rating for the company in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The Ultimate Software Group presently has a consensus rating of “Buy” and an average target price of $235.67.

In other The Ultimate Software Group news, VP Robert Manne sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $200.39, for a total value of $1,001,950.00. Following the completion of the sale, the vice president now directly owns 78,633 shares of the company’s stock, valued at approximately $15,757,266.87. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James A. Fitzpatrick, Jr. sold 4,613 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $200.39, for a total transaction of $924,399.07. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $3,005,850. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.

About The Ultimate Software Group

The Ultimate Software Group, Inc (Ultimate) is a cloud provider of people management solutions, referred to as human capital management (HCM). The Company’s UltiPro product suite (UltiPro) is an engaging solution that has human resources (HR), payroll and benefits management. As of December 31, 2016, UltiPro included global people management, available in 14 languages with more than 35 country-specific localizations.

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Institutional Ownership by Quarter for The Ultimate Software Group (NASDAQ:ULTI)

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