Canaccord Genuity Group Issues Pessimistic Forecast for e.l.f. Beauty (NYSE:ELF) Stock Price

Key Points

• Canaccord Genuity Group has reduced its price target for e.l.f. Beauty from $150.00 to $128.00, while maintaining a "buy" rating, suggesting a potential upside of 28.13% from its current price.
• Shares of e.l.f. Beauty fell by 9.5% on Thursday, trading at $99.90, with a significant trading volume of over 7 million shares.
• The company reported $0.89 earnings per share for the last quarter, beating estimates, and has a consensus rating of "Moderate Buy" with an average target price of $123.31.

e.l.f. Beauty (NYSE:ELF - Get Free Report) had its price target decreased by investment analysts at Canaccord Genuity Group from $150.00 to $128.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 28.13% from the company's current price.

Other analysts have also issued reports about the company. Jefferies Financial Group set a $115.00 price objective on e.l.f. Beauty and gave the company a "buy" rating in a research note on Thursday, May 29th. The Goldman Sachs Group increased their target price on e.l.f. Beauty from $120.00 to $137.00 and gave the company a "buy" rating in a research report on Thursday. Morgan Stanley increased their target price on e.l.f. Beauty from $105.00 to $114.00 and gave the company an "equal weight" rating in a research report on Thursday. Truist Financial upped their price target on shares of e.l.f. Beauty from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Piper Sandler restated an "overweight" rating and issued a $109.00 price target (up from $81.00) on shares of e.l.f. Beauty in a research report on Thursday, May 29th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $123.31.

e.l.f. Beauty Stock Down 9.5%

Shares of e.l.f. Beauty stock traded down $10.50 during trading on Thursday, reaching $99.90. The stock had a trading volume of 7,610,339 shares, compared to its average volume of 2,699,559. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of 51.76, a P/E/G ratio of 2.62 and a beta of 1.57. The stock has a fifty day moving average price of $118.86 and a two-hundred day moving average price of $88.46. e.l.f. Beauty has a 52 week low of $49.40 and a 52 week high of $188.15. The company has a current ratio of 3.05, a quick ratio of 2.00 and a debt-to-equity ratio of 0.34.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.05. e.l.f. Beauty had a net margin of 8.53% and a return on equity of 17.98%. The firm had revenue of $353.74 million for the quarter, compared to analyst estimates of $348.99 million. During the same period in the previous year, the business earned $1.10 EPS. The company's revenue was up 9.0% compared to the same quarter last year. Sell-side analysts predict that e.l.f. Beauty will post 2.38 EPS for the current fiscal year.

Insider Activity at e.l.f. Beauty

In other e.l.f. Beauty news, SVP Joshua Allen Franks sold 1,496 shares of e.l.f. Beauty stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $117.61, for a total transaction of $175,944.56. Following the completion of the transaction, the senior vice president owned 120,471 shares of the company's stock, valued at $14,168,594.31. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott Milsten sold 1,442 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $114.78, for a total value of $165,512.76. Following the transaction, the insider directly owned 117,394 shares of the company's stock, valued at $13,474,483.32. The trade was a 1.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 126,589 shares of company stock worth $14,547,949 in the last 90 days. 3.90% of the stock is owned by company insiders.

Institutional Trading of e.l.f. Beauty

Several hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC purchased a new stake in e.l.f. Beauty in the second quarter worth approximately $311,000. Lisanti Capital Growth LLC bought a new stake in e.l.f. Beauty in the second quarter valued at approximately $5,600,000. Future Fund LLC bought a new stake in e.l.f. Beauty in the second quarter valued at approximately $822,000. Los Angeles Capital Management LLC bought a new stake in e.l.f. Beauty in the second quarter valued at approximately $1,531,000. Finally, Summit Investment Advisors Inc. lifted its position in e.l.f. Beauty by 38.2% in the first quarter. Summit Investment Advisors Inc. now owns 29,688 shares of the company's stock valued at $1,864,000 after purchasing an additional 8,205 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company's stock.

About e.l.f. Beauty

e.l.f. Beauty, Inc is a holding company, which engages in the provision of inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. The company focuses on the e-commerce, national retailers and international business channels. Its brands include elf, elf skin, WELL People and KEYS soulcare.

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