Comerica Bank Sells 89,335 Shares of e.l.f. Beauty $ELF

Key Points

• Comerica Bank significantly reduced its stake in e.l.f. Beauty, selling 89,335 shares, which represents an 80.5% decrease in their holdings during the first quarter, leaving them with 21,599 shares.
• Despite the decline in Comerica's shares, e.l.f. Beauty has received positive feedback from analysts, with ratings upgrades from firms like Morgan Stanley and Piper Sandler, setting a new average target price of $124.25.
• e.l.f. Beauty's recent quarterly earnings report exceeded expectations, with earnings per share of $0.89 and revenue up 9% from the previous year, indicating strong business performance.

Comerica Bank cut its holdings in e.l.f. Beauty (NYSE:ELF - Free Report) by 80.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,599 shares of the company's stock after selling 89,335 shares during the quarter. Comerica Bank's holdings in e.l.f. Beauty were worth $1,356,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Aurora Investment Counsel acquired a new stake in e.l.f. Beauty in the 1st quarter valued at approximately $294,000. Caas Capital Management LP grew its position in e.l.f. Beauty by 1,466.7% during the first quarter. Caas Capital Management LP now owns 4,700 shares of the company's stock worth $295,000 after buying an additional 4,400 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in e.l.f. Beauty by 42.0% during the 1st quarter. Harbor Capital Advisors Inc. now owns 103,235 shares of the company's stock valued at $6,482,000 after purchasing an additional 30,530 shares during the last quarter. Granahan Investment Management LLC purchased a new stake in e.l.f. Beauty during the 4th quarter valued at $9,671,000. Finally, Vontobel Holding Ltd. raised its holdings in e.l.f. Beauty by 165.6% during the first quarter. Vontobel Holding Ltd. now owns 15,181 shares of the company's stock valued at $953,000 after acquiring an additional 9,466 shares during the period. 92.44% of the stock is currently owned by institutional investors.

Insider Transactions at e.l.f. Beauty

In related news, Director Lauren Cooks Levitan sold 4,630 shares of e.l.f. Beauty stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $118.94, for a total transaction of $550,692.20. Following the completion of the transaction, the director directly owned 11,507 shares of the company's stock, valued at $1,368,642.58. This trade represents a 28.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.90% of the company's stock.

e.l.f. Beauty Trading Up 2.3%

Shares of NYSE:ELF traded up $3.13 during trading on Monday, hitting $137.10. The company had a trading volume of 933,093 shares, compared to its average volume of 2,634,349. The company has a fifty day simple moving average of $118.90 and a two-hundred day simple moving average of $92.94. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 80.54, a price-to-earnings-growth ratio of 3.24 and a beta of 1.59. e.l.f. Beauty has a one year low of $49.40 and a one year high of $147.33. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.26 and a quick ratio of 2.34.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.89 earnings per share for the quarter, topping 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 company had revenue of $353.74 million during the quarter, compared to analysts' expectations of $348.99 million. During the same quarter in the prior year, the firm posted $1.10 EPS. e.l.f. Beauty's quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities analysts forecast that e.l.f. Beauty will post 2.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ELF. Raymond James Financial reissued a "strong-buy" rating and set a $155.00 target price (up from $140.00) on shares of e.l.f. Beauty in a research note on Monday. Canaccord Genuity Group decreased their target price on shares of e.l.f. Beauty from $150.00 to $128.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. UBS Group reduced their price objective on shares of 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. Robert W. Baird boosted their price target on shares of e.l.f. Beauty from $110.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Finally, Morgan Stanley raised shares of e.l.f. Beauty from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $114.00 to $134.00 in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $129.94.

e.l.f. Beauty 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.