5 AI Stocks That Will Skyrocket

3. Ulta Beauty, Inc. (NASDAQ:ULTA)

Number of Q4 2023 Hedge Fund Shareholders: 49

Date of Newsletter: November 28, 2023

Ulta Beauty, Inc. (NASDAQ:ULTA) is part of the beauty technology industry, a sector that can leverage AI to deliver at home makeup and product recommendations. The firm’s CEO warned in March 2024 that a ban on TikTok in the U.S. could harm its growth, which has already slowed in a tough economy.

For their fourth quarter of 2023 shareholdings, 49 out of the 933 hedge funds profiled by Insider Monkey had held a stake in Ulta Beauty, Inc. (NASDAQ:ULTA). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the biggest investor through its $269 million investment.

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