Canaccord Genuity Reaffirms Buy Rating for The Ultimate Software Group, Inc. (NASDAQ:ULTI)

Canaccord Genuity restated their buy rating on shares of The Ultimate Software Group, Inc. (NASDAQ:ULTI) in a report issued on Tuesday. Canaccord Genuity currently has a $225.00 price objective on the technology company’s stock, down from their prior price objective of $240.00.

Other analysts also recently issued reports about the company. Guggenheim began coverage on The Ultimate Software Group in a report on Wednesday, April 12th. They issued a buy rating and a $230.00 price objective for the company. MKM Partners restated a buy rating and issued a $250.00 price objective on shares of The Ultimate Software Group in a report on Friday, April 14th. Wedbush decreased their price objective on The Ultimate Software Group from $240.00 to $236.00 and set an outperform rating for the company in a report on Wednesday, April 26th. Mitsubishi UFJ Financial Group restated an overweight rating on shares of The Ultimate Software Group in a report on Tuesday, April 25th. Finally, Zacks Investment Research downgraded The Ultimate Software Group from a hold rating to a sell rating in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The Ultimate Software Group has an average rating of Buy and a consensus price target of $236.78.

The Ultimate Software Group (ULTI) traded up 1.89% on Tuesday, hitting $193.13. The stock had a trading volume of 380,445 shares. The company has a market capitalization of $5.76 billion, a PE ratio of 199.31 and a beta of 1.08. The Ultimate Software Group has a 12-month low of $180.29 and a 12-month high of $233.42. The company has a 50 day moving average of $213.66 and a 200 day moving average of $205.82.

The Ultimate Software Group (NASDAQ:ULTI) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $228.02 million. The Ultimate Software Group had a return on equity of 7.20% and a net margin of 3.47%. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. On average, equities analysts expect that The Ultimate Software Group will post $3.53 earnings per share for the current year.

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

Several institutional investors have recently bought and sold shares of ULTI. Sumitomo Mitsui Asset Management Company LTD boosted its position in The Ultimate Software Group by 463.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 109,036 shares of the technology company’s stock valued at $21,284,000 after buying an additional 89,696 shares in the last quarter. Russell Investments Group Ltd. boosted its position in The Ultimate Software Group by 24.1% in the first quarter. Russell Investments Group Ltd. now owns 200,846 shares of the technology company’s stock valued at $39,212,000 after buying an additional 39,052 shares in the last quarter. Profund Advisors LLC boosted its position in The Ultimate Software Group by 11.7% in the first quarter. Profund Advisors LLC now owns 4,059 shares of the technology company’s stock valued at $792,000 after buying an additional 425 shares in the last quarter. NBW Capital LLC boosted its position in The Ultimate Software Group by 6.5% in the first quarter. NBW Capital LLC now owns 27,238 shares of the technology company’s stock valued at $5,317,000 after buying an additional 1,669 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in The Ultimate Software Group by 2.3% in the first quarter. Retirement Systems of Alabama now owns 38,296 shares of the technology company’s stock valued at $7,476,000 after buying an additional 848 shares in the last quarter.

The Ultimate Software Group Company 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.

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

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