Intrinsic value of Ultimate Software Group - ULTI

Previous Close

$288.60

  Intrinsic Value

$72.93

stock screener

  Rating & Target

str. sell

-75%

Previous close

$288.60

 
Intrinsic value

$72.93

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of ULTI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.40
  18.86
  17.47
  16.23
  15.10
  14.09
  13.18
  12.37
  11.63
  10.97
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.36
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  1,133
  1,347
  1,582
  1,839
  2,116
  2,415
  2,733
  3,071
  3,428
  3,804
  4,198
  4,611
  5,042
  5,492
  5,960
  6,447
  6,953
  7,480
  8,026
  8,595
  9,185
  9,799
  10,438
  11,102
  11,794
  12,514
  13,264
  14,046
  14,862
  15,712
Variable operating expenses, $m
  1,072
  1,273
  1,494
  1,736
  1,997
  2,278
  2,577
  2,895
  3,231
  3,585
  3,950
  4,339
  4,745
  5,168
  5,608
  6,066
  6,543
  7,038
  7,552
  8,087
  8,643
  9,221
  9,821
  10,447
  11,097
  11,775
  12,481
  13,217
  13,984
  14,785
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,072
  1,273
  1,494
  1,736
  1,997
  2,278
  2,577
  2,895
  3,231
  3,585
  3,950
  4,339
  4,745
  5,168
  5,608
  6,066
  6,543
  7,038
  7,552
  8,087
  8,643
  9,221
  9,821
  10,447
  11,097
  11,775
  12,481
  13,217
  13,984
  14,785
Operating income, $m
  61
  74
  88
  103
  119
  137
  156
  176
  197
  219
  248
  272
  298
  324
  352
  381
  411
  442
  474
  508
  542
  579
  616
  656
  697
  739
  783
  830
  878
  928
EBITDA, $m
  99
  118
  139
  161
  186
  212
  240
  269
  301
  334
  368
  405
  443
  482
  523
  566
  610
  656
  704
  754
  806
  860
  916
  974
  1,035
  1,098
  1,164
  1,233
  1,304
  1,379
Interest expense (income), $m
  0
  1
  16
  33
  51
  71
  93
  117
  142
  168
  196
  226
  257
  289
  323
  358
  395
  434
  473
  515
  558
  602
  649
  697
  747
  799
  854
  910
  969
  1,031
  1,095
Earnings before tax, $m
  60
  58
  55
  52
  48
  44
  39
  34
  29
  23
  22
  15
  9
  1
  -6
  -15
  -23
  -32
  -41
  -50
  -60
  -70
  -80
  -91
  -103
  -115
  -127
  -140
  -153
  -167
Tax expense, $m
  16
  16
  15
  14
  13
  12
  11
  9
  8
  6
  6
  4
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  44
  42
  40
  38
  35
  32
  28
  25
  21
  17
  16
  11
  6
  1
  -6
  -15
  -23
  -32
  -41
  -50
  -60
  -70
  -80
  -91
  -103
  -115
  -127
  -140
  -153
  -167

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,659
  1,972
  2,316
  2,692
  3,099
  3,535
  4,001
  4,496
  5,019
  5,570
  6,147
  6,751
  7,383
  8,041
  8,726
  9,439
  10,180
  10,951
  11,752
  12,584
  13,448
  14,348
  15,282
  16,255
  17,268
  18,322
  19,420
  20,565
  21,759
  23,005
Adjusted assets (=assets-cash), $m
  1,659
  1,972
  2,316
  2,692
  3,099
  3,535
  4,001
  4,496
  5,019
  5,570
  6,147
  6,751
  7,383
  8,041
  8,726
  9,439
  10,180
  10,951
  11,752
  12,584
  13,448
  14,348
  15,282
  16,255
  17,268
  18,322
  19,420
  20,565
  21,759
  23,005
Revenue / Adjusted assets
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
Average production assets, $m
  325
  386
  454
  528
  607
  693
  784
  881
  984
  1,092
  1,205
  1,323
  1,447
  1,576
  1,711
  1,850
  1,996
  2,147
  2,304
  2,467
  2,636
  2,812
  2,996
  3,186
  3,385
  3,591
  3,807
  4,031
  4,265
  4,509
Working capital, $m
  -19
  -23
  -27
  -31
  -36
  -41
  -46
  -52
  -58
  -65
  -71
  -78
  -86
  -93
  -101
  -110
  -118
  -127
  -136
  -146
  -156
  -167
  -177
  -189
  -200
  -213
  -225
  -239
  -253
  -267
Total debt, $m
  186
  381
  596
  831
  1,084
  1,357
  1,648
  1,956
  2,283
  2,626
  2,987
  3,364
  3,758
  4,168
  4,596
  5,041
  5,503
  5,984
  6,484
  7,003
  7,543
  8,104
  8,687
  9,294
  9,926
  10,584
  11,269
  11,983
  12,729
  13,506
Total liabilities, $m
  1,035
  1,230
  1,445
  1,680
  1,934
  2,206
  2,497
  2,806
  3,132
  3,475
  3,836
  4,213
  4,607
  5,017
  5,445
  5,890
  6,353
  6,833
  7,333
  7,852
  8,392
  8,953
  9,536
  10,143
  10,775
  11,433
  12,118
  12,833
  13,578
  14,355
Total equity, $m
  624
  741
  871
  1,012
  1,165
  1,329
  1,505
  1,691
  1,887
  2,094
  2,311
  2,539
  2,776
  3,023
  3,281
  3,549
  3,828
  4,118
  4,419
  4,731
  5,057
  5,395
  5,746
  6,112
  6,493
  6,889
  7,302
  7,733
  8,181
  8,650
Total liabilities and equity, $m
  1,659
  1,971
  2,316
  2,692
  3,099
  3,535
  4,002
  4,497
  5,019
  5,569
  6,147
  6,752
  7,383
  8,040
  8,726
  9,439
  10,181
  10,951
  11,752
  12,583
  13,449
  14,348
  15,282
  16,255
  17,268
  18,322
  19,420
  20,566
  21,759
  23,005
Debt-to-equity ratio
  0.300
  0.510
  0.680
  0.820
  0.930
  1.020
  1.100
  1.160
  1.210
  1.250
  1.290
  1.330
  1.350
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.560
Adjusted equity ratio
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  42
  40
  38
  35
  32
  28
  25
  21
  17
  16
  11
  6
  1
  -6
  -15
  -23
  -32
  -41
  -50
  -60
  -70
  -80
  -91
  -103
  -115
  -127
  -140
  -153
  -167
Depreciation, amort., depletion, $m
  38
  44
  51
  58
  66
  75
  84
  94
  104
  115
  120
  132
  145
  158
  171
  185
  200
  215
  230
  247
  264
  281
  300
  319
  338
  359
  381
  403
  427
  451
Funds from operations, $m
  82
  87
  91
  96
  101
  107
  113
  119
  125
  131
  137
  144
  151
  158
  165
  171
  177
  183
  190
  197
  204
  211
  219
  227
  236
  245
  254
  264
  274
  284
Change in working capital, $m
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
Cash from operations, $m
  86
  90
  95
  101
  106
  112
  118
  124
  131
  138
  143
  151
  158
  166
  173
  179
  185
  192
  199
  206
  214
  222
  230
  239
  247
  257
  267
  277
  287
  299
Maintenance CAPEX, $m
  -27
  -33
  -39
  -45
  -53
  -61
  -69
  -78
  -88
  -98
  -109
  -120
  -132
  -145
  -158
  -171
  -185
  -200
  -215
  -230
  -247
  -264
  -281
  -300
  -319
  -338
  -359
  -381
  -403
  -427
New CAPEX, $m
  -56
  -61
  -68
  -74
  -80
  -86
  -91
  -97
  -102
  -108
  -113
  -118
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -191
  -198
  -207
  -215
  -224
  -234
  -244
Cash from investing activities, $m
  -83
  -94
  -107
  -119
  -133
  -147
  -160
  -175
  -190
  -206
  -222
  -238
  -256
  -274
  -292
  -311
  -330
  -351
  -372
  -393
  -417
  -440
  -464
  -491
  -517
  -545
  -574
  -605
  -637
  -671
Free cash flow, $m
  3
  -4
  -11
  -19
  -26
  -34
  -43
  -51
  -60
  -68
  -79
  -88
  -98
  -108
  -119
  -132
  -145
  -159
  -173
  -187
  -202
  -218
  -235
  -252
  -270
  -288
  -308
  -328
  -350
  -372
Issuance/(repayment) of debt, $m
  176
  195
  215
  235
  254
  273
  291
  309
  326
  343
  360
  377
  394
  411
  428
  445
  463
  481
  500
  519
  540
  561
  583
  607
  632
  658
  685
  714
  745
  777
Issuance/(repurchase) of shares, $m
  62
  75
  89
  104
  118
  132
  147
  161
  176
  190
  201
  216
  231
  247
  264
  283
  302
  321
  342
  363
  385
  408
  432
  457
  483
  511
  540
  570
  602
  635
Cash from financing (excl. dividends), $m  
  238
  270
  304
  339
  372
  405
  438
  470
  502
  533
  561
  593
  625
  658
  692
  728
  765
  802
  842
  882
  925
  969
  1,015
  1,064
  1,115
  1,169
  1,225
  1,284
  1,347
  1,412
Total cash flow (excl. dividends), $m
  240
  267
  293
  320
  345
  370
  395
  419
  442
  465
  482
  505
  527
  550
  572
  595
  619
  644
  669
  695
  722
  751
  781
  812
  846
  881
  917
  956
  997
  1,040
Retained Cash Flow (-), $m
  -106
  -118
  -130
  -141
  -153
  -164
  -175
  -186
  -197
  -207
  -217
  -227
  -237
  -247
  -264
  -283
  -302
  -321
  -342
  -363
  -385
  -408
  -432
  -457
  -483
  -511
  -540
  -570
  -602
  -635
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  147
  177
  210
  247
  287
  330
  377
  426
  479
  535
  593
  655
  719
  787
  857
  930
  1,006
  1,085
  1,167
  1,252
  1,341
  1,433
  1,529
  1,628
  1,732
  1,840
  1,952
  2,069
  2,191
  2,318
Cash available for distribution, $m
  135
  149
  164
  178
  192
  206
  220
  233
  246
  258
  265
  278
  290
  302
  308
  313
  318
  322
  327
  332
  337
  343
  349
  355
  362
  370
  378
  386
  395
  405
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  129
  137
  143
  147
  149
  150
  148
  146
  141
  135
  126
  118
  110
  101
  90
  80
  69
  59
  50
  42
  35
  28
  23
  18
  14
  11
  8
  6
  4
  3
Current shareholders' claim on cash, %
  98.8
  97.6
  96.5
  95.3
  94.2
  93.2
  92.2
  91.2
  90.3
  89.4
  88.5
  87.7
  86.9
  86.1
  85.4
  84.7
  83.9
  83.2
  82.6
  81.9
  81.2
  80.6
  79.9
  79.3
  78.7
  78.1
  77.5
  76.9
  76.3
  75.7

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. The solution is delivered through software-as-a-service (SaaS) to organizations based in the United States and Canada, including those with global workforces. The UltiPro solution includes feature sets for talent acquisition and onboarding, HR management and compliance, benefits management and online enrollment, payroll, performance management, compensation management with salary planning, budgeting, and development of incentive plans, succession management, reporting and analytical decision-making and predictive tools, and time and attendance.

FINANCIAL RATIOS  of  Ultimate Software Group (ULTI)

Valuation Ratios
P/E Ratio 282.3
Price to Sales 10.8
Price to Book 19.6
Price to Tangible Book
Price to Cash Flow 52.9
Price to Free Cash Flow 93.1
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.3%
Cap. Spend. - 3 Yr. Gr. Rate 18.1%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 0.9%
Total Debt to Equity 2.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.6%
Gross Margin - 3 Yr. Avg. 60.9%
EBITDA Margin 8.7%
EBITDA Margin - 3 Yr. Avg. 11.2%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 0%

ULTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ULTI stock intrinsic value calculation we used $941 million for the last fiscal year's total revenue generated by Ultimate Software Group. The default revenue input number comes from 2017 income statement of Ultimate Software Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ULTI stock valuation model: a) initial revenue growth rate of 20.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ULTI is calculated based on our internal credit rating of Ultimate Software Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ultimate Software Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ULTI stock the variable cost ratio is equal to 94.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ULTI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.6% for Ultimate Software Group.

Corporate tax rate of 27% is the nominal tax rate for Ultimate Software Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ULTI stock is equal to 15.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ULTI are equal to 28.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Ultimate Software Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ULTI is equal to -1.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $518 million for Ultimate Software Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 30 million for Ultimate Software Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ultimate Software Group at the current share price and the inputted number of shares is $8.7 billion.

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COMPANY NEWS

▶ Solid Growth Keeps Lifting Ultimate Software   [Aug-03-18 04:57PM  Motley Fool]
▶ Zendesk Stock Pops On Revenue Beat, Raises Full-Year Sales Guidance   [Jul-31-18 06:00PM  Investor's Business Daily]
▶ Ultimate Software: 2Q Earnings Snapshot   [04:18PM  Associated Press]
▶ [$$] Ultimate Software to Acquire PeopleDoc for $300 Million   [Jul-17-18 05:09PM  The Wall Street Journal]
▶ Ultimate Software enters $300M deal to acquire Paris-based startup   [09:16AM  American City Business Journals]
▶ Breakout Watch: No. 1-Ranked Software Stock Salesforce Enters Buy Zone   [May-09-18 04:21PM  Investor's Business Daily]
▶ Ultimate Software to promote Alvaro to CFO   [May-01-18 05:12PM  American City Business Journals]
▶ Ultimate Software: 1Q Earnings Snapshot   [04:24PM  Associated Press]
▶ Ultimate Reports Q1 2018 Financial Results   [04:00PM  Business Wire]
▶ Ultimate Announces CFO Succession Plan:   [03:59PM  Business Wire]
▶ High Growth Stocks To Invest In   [Apr-17-18 12:02PM  Simply Wall St.]
▶ [$$] What's on Your Mind? Bosses Are Using AI to Find Out   [Mar-28-18 11:48AM  The Wall Street Journal]
▶ Ultimate Software VP of HR Wins Excellence Award   [Mar-22-18 12:06PM  Business Wire]
▶ Red Hat Downgraded, Price Targets Hiked On Salesforce, ServiceNow   [Mar-12-18 04:47PM  Investor's Business Daily]
▶ Weekly CFO Sells Highlight   [Feb-20-18 12:45PM  GuruFocus.com]
▶ Value-Adding Growth Stocks To Buy Now   [Feb-10-18 11:02AM  Simply Wall St.]
▶ Ultimate Software Finishes a Record 2017   [Feb-07-18 07:37AM  Motley Fool]
▶ Ultimate Software reports 4Q loss   [Feb-06-18 04:29PM  Associated Press]
▶ H&R Block Canada Live on Ultimate Softwares UltiPro   [Feb-01-18 10:00AM  Business Wire]
▶ Ultimate Software Group And Other Top Growth Stocks   [Jan-10-18 11:02AM  Simply Wall St.]
▶ Ultimate Software Shows Rising Relative Strength; Still Shy Of Key Threshold   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Ultimate Software Sees RS Rating Climb To 74   [Dec-29-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Ultimate Software   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ Best AMEX Growth Companies   [Dec-09-17 11:02AM  Simply Wall St.]
▶ Why Paycom Software Is in a League of Its Own   [Dec-03-17 12:00PM  Motley Fool]
▶ Here's why tech stocks are tanking right now: NYSE trader   [Nov-29-17 01:20PM  Yahoo Finance Video]
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