ULTIMATE SOFTWR (ULTI) Downgraded by Zacks to NEUTRAL

Zacks Zacks Investment Research downgraded shares of ULTIMATE SOFTWR (ULTI) from OUTPERFORM to NEUTRAL on August 22, 2012, with a target price of $101.10.

Ultimate Software is a leader in delivering Web-based payroll and employee management solutions to organizations of all sizes. Ultimate Software's fully integrated, award-winning UltiPro suite enables businesses to manage human resources and payroll strategically and cost-effectively, benefiting everyone in the organization. Ultimate Software offers application hosting through IBM Global Services and a business-to-business Web portal, providing access to value-added resources via the Internet.

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