Shares of The Ultimate Software Group Inc. (NASDAQ:ULTI) dropped 2.9% on Wednesday . The company 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 a number of recent research reports. Deutsche Bank AG increased their price target on shares of 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 reiterated a “neutral” rating and set a $203.00 price target on shares of The Ultimate Software Group in a research note on Monday, July 25th. Zacks Investment Research cut shares of The Ultimate Software Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, April 30th. MKM Partners increased their price target on shares of The Ultimate Software Group from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $250.00 price target on shares of The Ultimate Software Group in a research note on Wednesday, July 27th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The Ultimate Software Group currently has an average rating of “Buy” and a consensus price target of $220.20.

The stock has a market cap of $6.00 billion and a P/E ratio of 324.37. The stock has a 50 day moving average of $213.89 and a 200-day moving average of $194.64.

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

In other The Ultimate Software Group news, 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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leroy Vander Putten sold 1,351 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $210.22, for a total value of $284,007.22. Following the completion of the transaction, the director now directly owns 21,934 shares in the company, valued at approximately $4,610,965.48. The disclosure for this sale can be found here.

Several large investors have added to or reduced their stakes in the company. Westfield Capital Management Co. LP raised its stake 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. Principal Financial Group Inc. raised its stake 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. Bank of Montreal Can raised its stake 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 stake in The Ultimate Software Group during the fourth quarter worth approximately $3,128,000. Finally, Morgan Stanley raised its stake 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.

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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