Sit Investment Associates Inc. Reduces Stake in The Ultimate Software Group, Inc. (NASDAQ:ULTI)

Sit Investment Associates Inc. reduced its position in The Ultimate Software Group, Inc. (NASDAQ:ULTI) by 20.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,635 shares of the technology company’s stock after selling 5,340 shares during the quarter. Sit Investment Associates Inc. owned about 0.07% of The Ultimate Software Group worth $4,503,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ULTI. AXA raised its stake in The Ultimate Software Group by 16.6% in the third quarter. AXA now owns 292,160 shares of the technology company’s stock valued at $55,394,000 after purchasing an additional 41,532 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in The Ultimate Software Group in the third quarter valued at approximately $232,000. Fieldpoint Private Securities LLC purchased a new stake in The Ultimate Software Group in the third quarter valued at approximately $833,000. DF Dent & Co. Inc. raised its stake in The Ultimate Software Group by 12.3% in the third quarter. DF Dent & Co. Inc. now owns 2,787 shares of the technology company’s stock valued at $528,000 after purchasing an additional 305 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in The Ultimate Software Group by 3.0% in the third quarter. California Public Employees Retirement System now owns 78,352 shares of the technology company’s stock valued at $14,856,000 after purchasing an additional 2,252 shares in the last quarter.

ULTI has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of The Ultimate Software Group from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $216.00 target price on shares of The Ultimate Software Group in a research note on Tuesday, October 10th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $240.00 target price (up from $230.00) on shares of The Ultimate Software Group in a research note on Thursday, November 2nd. Stifel Nicolaus raised their target price on shares of The Ultimate Software Group from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $220.00 target price (down from $226.00) on shares of The Ultimate Software Group in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the stock. The Ultimate Software Group presently has a consensus rating of “Buy” and an average target price of $232.37.

In related news, CFO Mitchell K. Dauerman sold 15,480 shares of The Ultimate Software Group stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $196.00, for a total value of $3,034,080.00. Following the sale, the chief financial officer now owns 122,045 shares in the company, valued at $23,920,820. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert Manne sold 5,000 shares of The Ultimate Software Group stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $206.08, for a total transaction of $1,030,400.00. Following the completion of the sale, the vice president now owns 76,484 shares in the company, valued at approximately $15,761,822.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 116,259 shares of company stock worth $22,912,048. 4.90% of the stock is owned by insiders.

The Ultimate Software Group, Inc. (ULTI) opened at $227.99 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.01. The Ultimate Software Group, Inc. has a one year low of $181.59 and a one year high of $233.42. The company has a market cap of $6,836.48, a price-to-earnings ratio of 217.93, a P/E/G ratio of 8.54 and a beta of 1.08.

The Ultimate Software Group (NASDAQ:ULTI) last issued its earnings results on Wednesday, November 1st. The technology company reported $1.05 EPS for the quarter, topping the 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 company had revenue of $236.11 million for the quarter, compared to the consensus estimate of $232.92 million. During the same period in the previous year, the firm earned $0.78 earnings per share. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. analysts anticipate that The Ultimate Software Group, Inc. will post 0.63 EPS for the current year.

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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.

Institutional Ownership by Quarter for The Ultimate Software Group (NASDAQ:ULTI)

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