The Ultimate Software Group Inc. (NASDAQ:ULTI) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $222.52 and last traded at $221.50, with a volume of 146,795 shares changing hands. The stock had previously closed at $220.66.

A number of research analysts recently issued reports on the stock. Wedbush restated a “neutral” rating and set a $203.00 target price on shares of The Ultimate Software Group in a research report on Monday. Zacks Investment Research downgraded shares of The Ultimate Software Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Roth Capital restated a “buy” rating on shares of The Ultimate Software Group in a research report on Sunday, July 10th. Piper Jaffray Cos. assumed coverage on shares of The Ultimate Software Group in a research report on Wednesday, June 1st. They set an “overweight” rating and a $225.00 target price for the company. Finally, Goldman Sachs Group Inc. assumed coverage on shares of The Ultimate Software Group in a research report on Monday, May 23rd. They set a “neutral” rating and a $196.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The Ultimate Software Group currently has a consensus rating of “Buy” and an average price target of $215.45.

The firm has a market capitalization of $6.44 billion and a P/E ratio of 318.86. The stock’s 50 day moving average is $210.29 and its 200 day moving average is $189.69.

In other news, Director James A. Fitzpatrick, Jr. sold 931 shares of The Ultimate Software Group stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $199.38, for a total value of $185,622.78. Following the sale, the director now owns 12,403 shares of the company’s stock, valued at $2,472,910.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Several hedge funds have recently modified their holdings of ULTI. Westfield Capital Management Co. LP increased its stake in shares of The Ultimate Software Group by 1.4% in the fourth quarter. Westfield Capital Management Co. LP now owns 177,339 shares of the company’s stock valued at $34,672,000 after buying an additional 2,515 shares during the last quarter. Employees Retirement System of Texas bought a new stake in shares of The Ultimate Software Group during the fourth quarter valued at approximately $3,128,000. Turner Investments L.P. boosted its stake in shares of The Ultimate Software Group by 33.3% in the fourth quarter. Turner Investments L.P. now owns 10,000 shares of the company’s stock valued at $1,955,000 after buying an additional 2,500 shares during the period. Principal Financial Group Inc. boosted its stake in shares of The Ultimate Software Group by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 91,908 shares of the company’s stock valued at $17,969,000 after buying an additional 2,645 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of The Ultimate Software Group by 364.6% in the fourth quarter. Bank of Montreal Can now owns 11,165 shares of the company’s stock valued at $2,183,000 after buying an additional 8,762 shares during the period.

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, and includes global people management, available in over 10 languages with approximately 40 country-specific localizations.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.