Covestor Ltd Reduces Position in e.l.f. Beauty, Inc. (NYSE:ELF)

Covestor Ltd cut its position in shares of e.l.f. Beauty, Inc. (NYSE:ELF) by 70.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 596 shares of the company’s stock after selling 1,441 shares during the period. Covestor Ltd’s holdings in e.l.f. Beauty were worth $65,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ELF. Baillie Gifford & Co. purchased a new stake in e.l.f. Beauty in the 2nd quarter valued at about $801,693,000. Swedbank AB purchased a new stake in shares of e.l.f. Beauty in the 3rd quarter worth approximately $76,321,000. Clearbridge Investments LLC purchased a new stake in shares of e.l.f. Beauty in the 1st quarter worth approximately $133,940,000. 1832 Asset Management L.P. purchased a new stake in shares of e.l.f. Beauty in the 1st quarter worth approximately $61,299,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of e.l.f. Beauty by 55.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 730,377 shares of the company’s stock worth $79,633,000 after purchasing an additional 261,707 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Tarang Amin sold 23,528 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $136.45, for a total value of $3,210,395.60. Following the completion of the sale, the chief executive officer now directly owns 106,016 shares in the company, valued at $14,465,883.20. This represents a 18.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ELF shares. Baird R W raised shares of e.l.f. Beauty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 18th. TD Cowen reduced their price objective on shares of e.l.f. Beauty from $235.00 to $150.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Bank of America reduced their price objective on shares of e.l.f. Beauty from $190.00 to $165.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Piper Sandler reiterated an “overweight” rating and set a $165.00 price objective (up previously from $162.00) on shares of e.l.f. Beauty in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their price objective on shares of e.l.f. Beauty from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, e.l.f. Beauty presently has a consensus rating of “Moderate Buy” and an average target price of $173.53.

e.l.f. Beauty Stock Performance

Shares of NYSE ELF opened at $123.05 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.78. The company has a market capitalization of $6.93 billion, a PE ratio of 66.51, a price-to-earnings-growth ratio of 2.88 and a beta of 1.44. e.l.f. Beauty, Inc. has a 1 year low of $98.50 and a 1 year high of $221.83. The company’s fifty day moving average price is $111.68 and its 200 day moving average price is $154.73.

e.l.f. Beauty (NYSE:ELF) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.34. The business had revenue of $301.10 million for the quarter, compared to the consensus estimate of $289.43 million. e.l.f. Beauty had a net margin of 8.87% and a return on equity of 19.34%. The company’s revenue was up 39.7% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. On average, research analysts predict that e.l.f. Beauty, Inc. will post 2.8 earnings per share for the current year.

e.l.f. Beauty Company Profile

e.l.f. Beauty, Inc, together with its subsidiaries, provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, face, paw, and skin care products. It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors.