The Ultimate Software Group Inc. (NASDAQ:ULTI) dropped 2.9% on Wednesday . The stock traded as low as $200.50 and last traded at $206.70, with a volume of 418,187 shares traded. The stock had previously closed at $212.94.

ULTI has been the subject of several research reports. Deutsche Bank AG raised their price objective on The Ultimate Software Group from $215.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Wedbush reaffirmed a “neutral” rating and issued a $203.00 target price on shares of The Ultimate Software Group in a research report on Monday, July 25th. Zacks Investment Research cut The Ultimate Software Group from a “hold” rating to a “strong sell” rating in a research report on Saturday, April 30th. MKM Partners raised their target price on The Ultimate Software Group from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $250.00 target price on shares of The Ultimate Software Group in a research report on Wednesday, July 27th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $220.20.

The firm has a market cap of $5.97 billion and a price-to-earnings ratio of 322.93. The company has a 50-day moving average price of $213.71 and a 200-day moving average price of $194.47.

The Ultimate Software Group (NASDAQ:ULTI) last announced its earnings results on Tuesday, July 26th. The company reported $0.76 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.76. The company earned $186.50 million during the quarter, compared to analyst estimates of $187.06 million. The Ultimate Software Group’s revenue for the quarter was up 94.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Equities research analysts predict that The Ultimate Software Group Inc. will post $3.29 EPS for the current fiscal year.

In other news, VP John C. Phenicie sold 3,504 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $209.45, for a total transaction of $733,912.80. Following the completion of the transaction, the vice president now directly owns 55,524 shares in the company, valued at approximately $11,629,501.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James A. Fitzpatrick, Jr. sold 913 shares of the stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $209.06, for a total transaction of $190,871.78. Following the transaction, the director now owns 11,955 shares of the company’s stock, valued at $2,499,312.30. The disclosure for this sale can be found here.

Several institutional investors have bought and sold shares of the company. Bank of Montreal Can increased its position in 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 worth $2,183,000 after buying an additional 8,762 shares in the last quarter. Employees Retirement System of Texas acquired a new position in The Ultimate Software Group during the fourth quarter worth approximately $3,128,000. Morgan Stanley increased its position in The Ultimate Software Group by 135.3% in the fourth quarter. Morgan Stanley now owns 68,827 shares of the company’s stock worth $13,456,000 after buying an additional 39,572 shares in the last quarter. Principal Financial Group Inc. increased its position in 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 worth $17,969,000 after buying an additional 2,645 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in 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 worth $34,672,000 after buying an additional 2,515 shares in the last quarter.

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.

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