Canaccord Genuity Group Reiterates Buy Rating for e.l.f. Beauty (NYSE:ELF)

Key Points

• Canaccord Genuity Group has reiterated a buy rating for e.l.f. Beauty's stock (NYSE: ELF) with a target price of $165.00, suggesting a potential upside of 30.04% from its current levels.
• Multiple other analysts also support e.l.f. Beauty, with target price increases from firms like UBS Group, JPMorgan Chase & Co., and Morgan Stanley, indicating strong confidence in the stock.
• e.l.f. Beauty's recent earnings report showed a 9.0% increase in revenue year-over-year, with earnings per share surpassing estimates, highlighting its financial growth despite a recent stock price decline.

e.l.f. Beauty (NYSE:ELF - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Canaccord Genuity Group in a research report issued on Tuesday,Benzinga reports. They presently have a $165.00 target price on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 30.04% from the stock's current price.

Several other equities research analysts have also recently issued reports on the stock. UBS Group raised their target price on shares of e.l.f. Beauty from $112.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of e.l.f. Beauty from $130.00 to $168.00 and gave the stock an "overweight" rating in a report on Friday, October 10th. Deutsche Bank Aktiengesellschaft cut shares of e.l.f. Beauty from a "buy" rating to a "hold" rating and raised their target price for the stock from $121.00 to $128.00 in a report on Tuesday, September 2nd. Morgan Stanley raised their target price on shares of e.l.f. Beauty from $134.00 to $170.00 and gave the stock an "overweight" rating in a report on Wednesday, October 8th. Finally, Bank of America raised their target price on shares of e.l.f. Beauty from $135.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.73.

e.l.f. Beauty Trading Down 0.4%

Shares of e.l.f. Beauty stock traded down $0.54 during trading on Tuesday, reaching $126.88. 646,111 shares of the stock were exchanged, compared to its average volume of 2,470,516. The company has a quick ratio of 2.34, a current ratio of 3.26 and a debt-to-equity ratio of 0.32. The stock's fifty day moving average is $131.38 and its 200 day moving average is $108.22. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 74.72, a price-to-earnings-growth ratio of 3.17 and a beta of 1.57. e.l.f. Beauty has a 1 year low of $49.40 and a 1 year high of $150.99.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.05. The company had revenue of $353.74 million during the quarter, compared to the consensus estimate of $348.99 million. e.l.f. Beauty had a net margin of 7.29% and a return on equity of 16.36%. The firm's quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 earnings per share. As a group, equities research analysts expect that e.l.f. Beauty will post 2.38 earnings per share for the current fiscal year.

Insider Activity at e.l.f. Beauty

In related news, insider Mandy J. Fields sold 55,692 shares of e.l.f. Beauty stock in a transaction on Monday, September 8th. The shares were sold at an average price of $136.28, for a total transaction of $7,589,705.76. Following the transaction, the insider owned 64,154 shares in the company, valued at approximately $8,742,907.12. The trade was a 46.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joshua Allen Franks sold 7,913 shares of e.l.f. Beauty stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $145.00, for a total transaction of $1,147,385.00. Following the transaction, the senior vice president owned 99,369 shares in the company, valued at approximately $14,408,505. This trade represents a 7.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 301,060 shares of company stock worth $40,994,733 in the last 90 days. Company insiders own 3.90% of the company's stock.

Institutional Trading of e.l.f. Beauty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aurora Investment Counsel bought a new position in e.l.f. Beauty in the 1st quarter worth about $294,000. Caas Capital Management LP grew its stake in e.l.f. Beauty by 1,466.7% in the 1st quarter. Caas Capital Management LP now owns 4,700 shares of the company's stock worth $295,000 after acquiring an additional 4,400 shares in the last quarter. Vontobel Holding Ltd. grew its stake in e.l.f. Beauty by 165.6% in the 1st quarter. Vontobel Holding Ltd. now owns 15,181 shares of the company's stock worth $953,000 after acquiring an additional 9,466 shares in the last quarter. Generate Investment Management Ltd bought a new position in e.l.f. Beauty in the 1st quarter worth about $21,650,000. Finally, Quantitative Investment Management LLC bought a new position in e.l.f. Beauty in the 1st quarter worth about $3,916,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

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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