Canaccord Genuity Releases a Buy Rating on Ultimate Software

By Carrie Williams

In a report released yesterday, Richard Davis from Canaccord Genuity reiterated a Buy rating on Ultimate Software (NASDAQ: ULTI), with a price target of $240. The company’s shares closed yesterday at $207.01.

According to, Davis is a top 25 analyst with an average return of 19.6% and a 71.8% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Top Image Systems.

Currently, the analyst consensus on Ultimate Software is Strong Buy and the average price target is $247.50, representing a 19.6% upside.

In a report issued on April 12, Guggenheim also initiated coverage with a Buy rating on the stock with a $230 price target.

Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is neutral on the stock. Last month, Robert Yanover, a Director at ULTI sold 200 shares for a total of $38,888.

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The Ultimate Software Group, Inc. engages in the development and provision of Web-based payroll and workforce management software solutions. The UltiPro software, which is designed to deliver the functionality businesses need to manage the complete employment life cycle from recruitment to retirement. Its products involves solutions for talent acquisition and on boarding, human resources management and compliance, benefits management and online enrollment, payroll, performance management, salary planning and budgeting for compensation management, succession management, reporting and analytical decision-making tools, and time and attendance. It also offers role-based features for human resources professionals, executives, managers, administrators, and employees whether they are in or out of the office. The company was founded by Scott S. Scherr in April 1996 and is headquartered in Weston, FL.