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

A number of other equities analysts have also recently weighed in on ULTI. BidaskClub raised shares of The Ultimate Software Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. ValuEngine cut shares of The Ultimate Software Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Zacks Investment Research cut shares of The Ultimate Software Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Needham & Company LLC upped their price objective on shares of The Ultimate Software Group to $310.00 and gave the company a “$291.92” rating in a research report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, JMP Securities upped their price objective on shares of The Ultimate Software Group from $280.00 to $317.00 and gave the company a “$293.94” rating in a research report on Monday, July 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $294.70.

NASDAQ ULTI traded down $2.59 during trading hours on Wednesday, hitting $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 fifty-two week low of $182.55 and a fifty-two week high of $332.43. The company has a market cap of $9.93 billion, a P/E ratio of 396.10, a P/E/G ratio of 5.84 and a beta of 1.03. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.01.

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

In other news, Director James A. Fitzpatrick, Jr. sold 505 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $276.70, for a total transaction of $139,733.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John C. Phenicie sold 5,000 shares of the stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $279.07, for a total transaction of $1,395,350.00. The disclosure for this sale can be found here. Insiders have sold 15,505 shares of company stock worth $4,329,184 in the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. FMR LLC lifted its position in shares of The Ultimate Software Group by 6.6% during the second quarter. FMR LLC now owns 3,875,957 shares of the technology company’s stock worth $997,322,000 after purchasing an additional 241,385 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of The Ultimate Software Group by 1.6% during the second quarter. Janus Henderson Group PLC now owns 3,225,819 shares of the technology company’s stock worth $830,035,000 after purchasing an additional 52,141 shares during the last quarter. BlackRock Inc. lifted its position in shares of The Ultimate Software Group by 5.0% during the second quarter. BlackRock Inc. now owns 2,598,596 shares of the technology company’s stock worth $668,644,000 after purchasing an additional 123,866 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of The Ultimate Software Group by 1.9% during the second quarter. Bank of New York Mellon Corp now owns 343,204 shares of the technology company’s stock worth $88,309,000 after purchasing an additional 6,540 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in shares of The Ultimate Software Group by 512.8% during the first quarter. Lord Abbett & CO. LLC now owns 268,961 shares of the technology company’s stock worth $65,546,000 after purchasing an additional 225,072 shares during the last quarter.

The Ultimate Software Group Company Profile

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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Analyst Recommendations for The Ultimate Software Group (NASDAQ:ULTI)

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