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e.l.f. Beauty (NYSE:ELF) Raised to "Overweight" at Morgan Stanley

e.l.f. Beauty logo with Consumer Staples background

Key Points

  • e.l.f. Beauty has been upgraded by Morgan Stanley from an "equal weight" to "overweight" rating, with a target price increase from $114.00 to $134.00, suggesting a potential upside of 31.6% from its previous close.
  • Analysts are generally bullish on e.l.f. Beauty, with 12 buy ratings, a consensus rating of "Moderate Buy," and an average price target of approximately $123.81.
  • The company reported $0.89 EPS for the last quarter, exceeding estimates, and achieved a 9% year-over-year revenue increase, indicating strong financial performance.
  • Looking to export and analyze e.l.f. Beauty data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

e.l.f. Beauty (NYSE:ELF - Get Free Report) was upgraded by equities research analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a $134.00 target price on the stock, up from their previous target price of $114.00. Morgan Stanley's target price would indicate a potential upside of 31.60% from the stock's previous close.

Several other equities analysts have also recently issued reports on ELF. Truist Financial lifted their price objective on shares of e.l.f. Beauty from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. decreased their target price on shares of e.l.f. Beauty from $132.00 to $130.00 and set an "overweight" rating for the company in a report on Thursday. B. Riley reiterated a "buy" rating and issued a $150.00 target price (up from $110.00) on shares of e.l.f. Beauty in a report on Friday, June 13th. Deutsche Bank Aktiengesellschaft upgraded shares of e.l.f. Beauty from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a report on Friday. Finally, Bank of America raised their target price on shares of e.l.f. Beauty from $113.00 to $135.00 and gave the stock a "buy" rating in a report on Friday, June 20th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $123.81.

Read Our Latest Stock Report on ELF

e.l.f. Beauty Stock Up 1.9%

e.l.f. Beauty stock opened at $101.82 on Monday. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 59.89, a PEG ratio of 2.40 and a beta of 1.57. The company has a current ratio of 3.26, a quick ratio of 2.34 and a debt-to-equity ratio of 0.32. The company's 50-day moving average price is $118.65 and its two-hundred day moving average price is $87.93. e.l.f. Beauty has a 52 week low of $49.40 and a 52 week high of $172.49.

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

Insider Buying and Selling at e.l.f. Beauty

In related news, SVP Joshua Allen Franks sold 1,496 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $117.61, for a total transaction of $175,944.56. Following the transaction, the senior vice president owned 120,471 shares of the company's stock, valued at approximately $14,168,594.31. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott Milsten sold 1,442 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $114.78, for a total transaction of $165,512.76. Following the transaction, the insider directly owned 117,394 shares in the company, valued at approximately $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 valued at $14,547,949 in the last 90 days. Corporate insiders own 3.90% of the company's stock.

Hedge Funds Weigh In On e.l.f. Beauty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in e.l.f. Beauty by 7.5% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,491 shares of the company's stock valued at $1,803,000 after acquiring an additional 1,009 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. bought a new position in e.l.f. Beauty during the second quarter valued at approximately $5,667,000. WASHINGTON TRUST Co raised its position in e.l.f. Beauty by 20.6% during the second quarter. WASHINGTON TRUST Co now owns 131,863 shares of the company's stock valued at $16,409,000 after acquiring an additional 22,480 shares in the last quarter. Calamos Advisors LLC bought a new position in shares of e.l.f. Beauty in the second quarter valued at approximately $2,977,000. Finally, Police & Firemen s Retirement System of New Jersey raised its position in shares of e.l.f. Beauty by 6.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 20,786 shares of the company's stock valued at $2,587,000 after purchasing an additional 1,185 shares during the period. Institutional investors own 92.44% of the company's stock.

About e.l.f. Beauty

(Get Free Report)

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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Analyst Recommendations for e.l.f. Beauty (NYSE:ELF)

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