The Ultimate Software Group, Inc. (ULTI) Coverage Initiated at Bank of America Corporation

Bank of America Corporation started coverage on shares of The Ultimate Software Group, Inc. (NASDAQ:ULTI) in a research note released on Monday morning, MarketBeat reports. The firm issued an underperform rating and a $187.00 price target on the technology company’s stock.

Several other equities analysts have also recently weighed in on ULTI. Stifel Nicolaus raised their price target on shares of The Ultimate Software Group from $235.00 to $250.00 and gave the company a buy rating in a research report on Thursday, November 2nd. BidaskClub cut shares of The Ultimate Software Group from a hold rating to a sell rating in a research report on Wednesday, August 9th. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $225.00 price target on shares of The Ultimate Software Group in a research report on Friday, November 3rd. KeyCorp set a $235.00 price target on shares of The Ultimate Software Group and gave the company a buy rating in a research report on Wednesday, August 16th. Finally, Canaccord Genuity raised their price target on shares of The Ultimate Software Group from $225.00 to $240.00 and gave the company a buy rating in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $231.58.

Shares of The Ultimate Software Group (NASDAQ:ULTI) traded up $0.80 during trading hours on Monday, hitting $197.71. 51,708 shares of the stock traded hands, compared to its average volume of 320,587. The firm has a market capitalization of $5,945.28, a P/E ratio of 189.52, a PEG ratio of 15.43 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 1.18 and a debt-to-equity ratio of 0.01. The Ultimate Software Group has a 52 week low of $180.29 and a 52 week high of $233.42.

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

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In other news, Director James A. Fitzpatrick, Jr. sold 4,585 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $205.82, for a total transaction of $943,684.70. Following the completion of the sale, the director now owns 14,650 shares in the company, valued at approximately $3,015,263. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Gregory Swick sold 12,106 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $196.10, for a total transaction of $2,373,986.60. Following the sale, the vice president now owns 29,381 shares of the company’s stock, valued at approximately $5,761,614.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,700 shares of company stock valued at $21,810,476. 4.90% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Creative Planning grew its stake in The Ultimate Software Group by 257.4% in the 2nd quarter. Creative Planning now owns 504 shares of the technology company’s stock valued at $106,000 after buying an additional 363 shares in the last quarter. Huntington National Bank grew its stake in The Ultimate Software Group by 24.7% in the 2nd quarter. Huntington National Bank now owns 857 shares of the technology company’s stock valued at $180,000 after buying an additional 170 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in The Ultimate Software Group by 23.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 873 shares of the technology company’s stock valued at $183,000 after buying an additional 164 shares in the last quarter. FineMark National Bank & Trust purchased a new position in The Ultimate Software Group in the 2nd quarter valued at approximately $200,000. Finally, ETRADE Capital Management LLC purchased a new position in The Ultimate Software Group in the 2nd quarter valued at approximately $201,000.

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.

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

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