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Downgrade Alert for Ultimate Software (ULTI)
Jan 18, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Ultimate Software (NASDAQ:ULTI) was downgraded from Buy to Neutral at Goldman Sachs today. The stock closed yesterday at $97.06 on volume of 244,000 shares, above average daily volume of 193,000. The Ultimate Software Group, Inc. designs, markets, implements, and supports Web-based and client/server cross-industry human resource management (HRMS) and payroll software solutions. The Company's solutions are marketed primarily to middle-market organizations. Ultimate's products automate HRMS/payroll functions and are enabling tools in the management of the employee life cycle.
In the past 52 weeks, shares of Ultimate Software have traded between a low of $43.28 and a high of $106.40 and closed yesterday at $97.06, which is 124% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.
Ultimate Software (NASDAQ:ULTI) has potential upside of 3.6% based on a current price of $97.06 and analysts' consensus price target of $100.58. The stock should discover initial support at its 50-day moving average (MA) of $93.52 and subsequent support at its 200-day MA of $89.95.
SmarTrend recommended that subscribers consider buying shares of Ultimate Software on November 23rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $91.25. Since that recommendation, shares of Ultimate Software have risen 6.4%. We continue to monitor ULTI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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