Covenant Asset Management LLC Has $2.50 Million Stock Position in e.l.f. Beauty, Inc. (NYSE:ELF)

Covenant Asset Management LLC raised its position in e.l.f. Beauty, Inc. (NYSE:ELF) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,905 shares of the company’s stock after acquiring an additional 451 shares during the period. Covenant Asset Management LLC’s holdings in e.l.f. Beauty were worth $2,497,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of e.l.f. Beauty by 39.5% in the 3rd quarter. Baillie Gifford & Co. now owns 5,305,692 shares of the company’s stock worth $578,480,000 after buying an additional 1,501,151 shares in the last quarter. William Blair Investment Management LLC raised its holdings in shares of e.l.f. Beauty by 12.5% in the 2nd quarter. William Blair Investment Management LLC now owns 1,512,180 shares of the company’s stock worth $318,647,000 after buying an additional 168,267 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of e.l.f. Beauty by 84.4% in the 2nd quarter. Clearbridge Investments LLC now owns 1,259,644 shares of the company’s stock worth $265,432,000 after buying an additional 576,383 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings 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 buying an additional 261,707 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of e.l.f. Beauty in the 3rd quarter worth approximately $76,321,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ELF. Morgan Stanley dropped their target price on e.l.f. Beauty from $184.00 to $139.00 and set an “equal weight” rating for the company in a report on Monday, September 30th. Stifel Nicolaus decreased their price target on e.l.f. Beauty from $131.00 to $115.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. B. Riley decreased their price target on e.l.f. Beauty from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Bank of America decreased their price target on e.l.f. Beauty from $190.00 to $165.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Finally, Piper Sandler restated an “overweight” rating and set a $165.00 price target (up from $162.00) on shares of e.l.f. Beauty in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, e.l.f. Beauty presently has an average rating of “Moderate Buy” and a consensus price target of $173.53.

Insider Activity

In other news, CEO Tarang Amin sold 23,528 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $136.45, for a total value of $3,210,395.60. Following the transaction, the chief executive officer now owns 106,016 shares of the company’s stock, valued at $14,465,883.20. This represents a 18.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.50% of the stock is currently owned by company insiders.

e.l.f. Beauty Stock Up 2.7 %

Shares of ELF opened at $122.25 on Friday. The business’s fifty day moving average price is $112.04 and its two-hundred day moving average price is $153.08. 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 firm has a market capitalization of $6.89 billion, a price-to-earnings ratio of 66.08, a PEG ratio of 2.67 and a beta of 1.44. e.l.f. Beauty, Inc. has a 52 week low of $98.50 and a 52 week high of $221.83.

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

About e.l.f. Beauty

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.