Who Owns Ulta Beauty? Top Shareholders and Recent Insider Trades

Ulta Beauty, Inc. (NASDAQ: ULTA) is the leading specialty beauty retailer in the U.S., offering cosmetics, skincare, fragrance, and salon services across a nationwide store footprint and a growing digital platform. Shares recently traded around $610 per share, giving the company a market value of roughly $27.0 billion.

Looking at who owns Ulta Beauty and how institutions, hedge funds, and insiders have been positioning helps provide context on how investors appear to view the company’s long-term earnings profile and cash flow durability.

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Who Are Ulta Beauty’s Top Shareholders?

Ulta Beauty’s shareholder base is led by large institutional investors that tend to hold through market cycles, which can help stabilize ownership. Recent adjustments by active managers show a mix of additions and trims, suggesting investors may be balancing valuation considerations with confidence in the underlying business.

• The Vanguard Group: 5,332,884 shares (12.02%), ~$3.25B value. Added 33,674 shares (+0.64%).
• BlackRock Institutional Trust: 2,748,549 shares (6.20%), ~$1.67B value. Cut 6,677 shares (-0.24%).
• State Street Investment Management: 1,975,260 shares (4.45%), ~$1.20B value. Added 44,182 shares (+2.29%).
• Sanders Capital: 1,263,820 shares (2.85%), ~$769M value. Added 103,540 shares (+8.92%).
• Geode Capital Management: 1,218,263 shares (2.75%), ~$741M value. Added 15,876 shares (+1.32%).
• T. Rowe Price Associates: 996,022 shares (2.25%), ~$606M value. Cut 44,094 shares (-4.24%).
• T. Rowe Price Investment Management: 971,760 shares (2.19%), ~$591M value. Added 99,588 shares (+11.42%).
• JPMorgan Asset Management: 935,619 shares (2.11%), ~$569M value. Added 68,752 shares (+7.93%).
• Fidelity Management & Research: 877,127 shares (1.98%), ~$534M value. Added 6,176 shares (+0.71%).
• BofA Global Research: 614,608 shares (1.39%), ~$374M value. Cut 87,281 shares (-12.44%).

For investors, this ownership mix suggests Ulta Beauty remains firmly supported by long-term institutions, while active managers appear to be adjusting exposure rather than exiting positions outright.

Hedge Fund Highlights

Citadel Advisors, founded by Ken Griffin, materially increased its Ulta Beauty position, lifting its stake by about 170% to roughly $227M value. The scale of the increase suggests the firm may be leaning more positively on Ulta Beauty’s earnings stability and cash flow generation.

Alyeska Investment Group, led by Anand Parekh, also added meaningfully, raising its position by approximately 75% to around $250M value. The move appears consistent with a more constructive view on Ulta Beauty’s margin profile and competitive positioning within beauty retail.

Armistice Capital, founded by Steven Boyd, boosted its exposure by roughly 81%, bringing its Ulta Beauty holding to about $11M value. While smaller in absolute terms, the sharp increase stands out among hedge fund moves during the period.

Grantham, Mayo & Van Otterloo, founded by Jeremy Grantham, increased its Ulta Beauty stake by around 77% to approximately $1.3M value, a notable adjustment given the firm’s traditionally valuation-driven approach.

For investors, hedge fund activity appears selective rather than one-sided, with some managers adding exposure while maintaining a measured stance overall.

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Ulta Beauty’s Recent Insider Trades

Insider filings show mostly small transactions relative to Ulta Beauty’s 44.36 million shares outstanding, with activity leaning toward modest sales and equity-related grants.

• Catherine Ann Halligan (Director): Sold ~$207k value (340 shares).
• Christopher DeLorefice (Officer): Acquired ~$3.4M value (5,474 shares) at $0, which appears related to equity compensation.
• Michael C. Smith (Director): Sold ~$264k value (500 shares).
• Multiple directors: Acquired ~$150k to ~$230k value per individual at $0, which may reflect stock awards.

For investors, insider activity appears limited in size and impact, with transactions that look more administrative than directional at current price levels.

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What the Ownership & Insider Trade Data Tell Us

Ulta Beauty’s shareholder base remains anchored by large institutional owners, providing long-term stability. Hedge fund activity shows selective additions rather than broad accumulation, while insider trades appear small and mixed.

For investors, the overall picture suggests Ulta Beauty continues to be viewed as a high-quality specialty retailer with durable cash flows, but positioning across institutions and insiders looks measured at today’s valuation.

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