Quantitative Investment Management LLC Makes New Investment in e.l.f. Beauty $ELF

Key Points

• Quantitative Investment Management LLC has acquired a new position in e.l.f. Beauty, purchasing 62,372 shares valued at approximately $3.9 million, representing 0.11% ownership of the company.
• Various institutional investors have increased their stakes in e.l.f. Beauty, with major movements including Aspex Management acquiring a position worth $73.6 million and Prime Capital Management boosting its holdings by 167.8%.
• Analysts have set new price targets for e.l.f. Beauty, with Bank of America raising its target from $113.00 to $135.00, reflecting a robust outlook on the stock's performance.

Quantitative Investment Management LLC purchased a new stake in e.l.f. Beauty (NYSE:ELF - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 62,372 shares of the company's stock, valued at approximately $3,916,000. Quantitative Investment Management LLC owned 0.11% of e.l.f. Beauty at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ELF. Congress Asset Management Co. increased its stake in e.l.f. Beauty by 53.7% in the first quarter. Congress Asset Management Co. now owns 938,970 shares of the company's stock valued at $58,958,000 after purchasing an additional 327,980 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of e.l.f. Beauty by 68.0% in the 1st quarter. Mackenzie Financial Corp now owns 862,671 shares of the company's stock valued at $54,167,000 after buying an additional 349,024 shares during the period. Zevenbergen Capital Investments LLC increased its position in shares of e.l.f. Beauty by 9.9% in the 1st quarter. Zevenbergen Capital Investments LLC now owns 682,009 shares of the company's stock valued at $42,823,000 after buying an additional 61,282 shares in the last quarter. Prime Capital Management Co Ltd raised its stake in e.l.f. Beauty by 167.8% during the 1st quarter. Prime Capital Management Co Ltd now owns 604,535 shares of the company's stock worth $37,959,000 after buying an additional 378,826 shares during the period. Finally, Aspex Management HK Ltd bought a new position in e.l.f. Beauty during the fourth quarter worth about $73,576,000. Institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ELF. The Goldman Sachs Group increased their price target on e.l.f. Beauty from $120.00 to $137.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. UBS Group decreased their price objective on e.l.f. Beauty from $120.00 to $112.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Canaccord Genuity Group dropped their target price on shares of e.l.f. Beauty from $150.00 to $128.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $109.00 price target (up previously from $81.00) on shares of e.l.f. Beauty in a research note on Thursday, May 29th. Finally, Robert W. Baird increased their price objective on shares of e.l.f. Beauty from $110.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, e.l.f. Beauty presently has a consensus rating of "Moderate Buy" and an average price target of $123.81.

Insider Activity at e.l.f. Beauty

In related news, insider Scott Milsten sold 1,442 shares of the business's stock in a transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joshua Allen Franks sold 1,496 shares of the stock in a transaction 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 completion of the sale, the senior vice president owned 120,471 shares of the company's stock, valued at approximately $14,168,594.31. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,836 shares of company stock worth $13,076,695. Insiders own 3.90% of the company's stock.

e.l.f. Beauty Stock Up 3.8%

Shares of e.l.f. Beauty stock traded up $4.77 during trading hours on Thursday, reaching $129.67. 2,196,487 shares of the company's stock were exchanged, compared to its average volume of 2,666,076. The stock has a market cap of $7.69 billion, a P/E ratio of 76.28, a P/E/G ratio of 2.84 and a beta of 1.57. The company has a 50 day moving average of $118.14 and a two-hundred day moving average of $90.01. The company has a current ratio of 3.26, a quick ratio of 2.34 and a debt-to-equity ratio of 0.32. e.l.f. Beauty has a fifty-two week low of $49.40 and a fifty-two week high of $155.33.

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

e.l.f. Beauty Company Profile

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.