Municipal Employees Retirement System of Michigan decreased its position in The Ultimate Software Group, Inc. (NASDAQ:ULTI) by 25.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,570 shares of the technology company’s stock after selling 2,900 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in The Ultimate Software Group were worth $1,625,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Creative Planning grew its holdings in 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 purchasing an additional 363 shares during the last quarter. Huntington National Bank lifted 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 acquiring an additional 170 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of The Ultimate Software Group by 23.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 873 shares of the technology company’s stock valued at $183,000 after acquiring an additional 164 shares in the last quarter. FineMark National Bank & Trust purchased a new stake in shares of The Ultimate Software Group in the second quarter valued at $200,000. Finally, ETRADE Capital Management LLC purchased a new stake in shares of The Ultimate Software Group in the second quarter valued at $201,000.

TRADEMARK VIOLATION NOTICE: “Municipal Employees Retirement System of Michigan Lowers Holdings in The Ultimate Software Group, Inc. (ULTI)” was originally posted by Watch List News and is the sole property of of Watch List News. If you are accessing this article on another website, it was copied illegally and republished in violation of US and international copyright and trademark laws. The legal version of this article can be viewed at https://www.watchlistnews.com/municipal-employees-retirement-system-of-michigan-lowers-holdings-in-the-ultimate-software-group-inc-ulti/1709221.html.

Shares of The Ultimate Software Group, Inc. (ULTI) opened at $197.49 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.01. The Ultimate Software Group, Inc. has a 12 month low of $180.29 and a 12 month high of $233.42. The stock has a market capitalization of $5,824.88, a PE ratio of 185.69, a PEG ratio of 15.12 and a beta of 1.09.

The Ultimate Software Group (NASDAQ:ULTI) last posted its earnings results on Wednesday, November 1st. The technology company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.17. The Ultimate Software Group had a return on equity of 6.84% and a net margin of 3.31%. The business had revenue of $236.11 million during the quarter, compared to analyst estimates of $232.92 million. During the same quarter last year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. analysts expect that The Ultimate Software Group, Inc. will post 0.63 EPS for the current year.

In other The Ultimate Software Group news, Chairman Scott Scherr sold 43,537 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $196.21, for a total transaction of $8,542,394.77. Following the completion of the sale, the chairman now owns 426,427 shares in the company, valued at approximately $83,669,241.67. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alois T. Leiter sold 5,559 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $198.16, for a total value of $1,101,571.44. Following the sale, the director now owns 165,596 shares of the company’s stock, valued at approximately $32,814,503.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 116,259 shares of company stock valued at $22,912,048. Insiders own 4.90% of the company’s stock.

Several analysts have recently issued reports on the company. KeyCorp set a $255.00 price objective on The Ultimate Software Group and gave the company a “buy” rating in a research report on Thursday, July 27th. Roth Capital upped their price objective on The Ultimate Software Group from $254.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, July 31st. Credit Suisse Group restated an “outperform” rating and issued a $245.00 price objective (down from $260.00) on shares of The Ultimate Software Group in a research report on Wednesday, August 2nd. Stephens reiterated an “equal weight” rating and set a $203.00 target price (down from $215.00) on shares of The Ultimate Software Group in a research report on Wednesday, August 2nd. Finally, Deutsche Bank AG downgraded The Ultimate Software Group from a “buy” rating to a “hold” rating and reduced their target price for the stock from $230.00 to $210.00 in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $231.58.

The Ultimate Software Group Profile

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.

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

Receive News & Ratings for The Ultimate Software Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Ultimate Software Group Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.