Goldman Sachs Downgrades Ultimate Software (ULTI) to Neutral on Valuation

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Goldman Sachs downgraded Ultimate Software (NASDAQ: ULTI) from Buy to Neutral, citig valuation as shares approach their $105 price target.

"We continue to favorable view Ultimate Software's long-term potential, as our research shows that the HCM market is seeing accelerated adoption of SaaS solutions and we believe Ultimate has a solid position within the market, as it is the largest pure-play SaaS HCM vendor and has highly referenceable account base."

For an analyst ratings summary and ratings history on Ultimate Software click here. For more ratings news on Ultimate Software click here.

Shares of Ultimate Software closed at $97.06 yesterday, with a 52 week range of $64.26-$106.40.

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