e.l.f. Beauty (NYSE:ELF) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. has reduced its holding in e.l.f. Beauty by 31.7%, now holding 6,690 shares worth $420,000 after selling 3,106 shares in the first quarter.
• Several institutional investors have also adjusted their positions in e.l.f. Beauty, including Harbor Capital Advisors Inc., which increased its stake by 42% to 103,235 shares valued at approximately $6.48 million.
• Analysts maintain a positive outlook on e.l.f. Beauty, with B. Riley raising its target price from $110 to $150 and 12 out of 16 analysts rating the stock as 'buy'.

PNC Financial Services Group Inc. cut its position in e.l.f. Beauty (NYSE:ELF - Free Report) by 31.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,690 shares of the company's stock after selling 3,106 shares during the period. PNC Financial Services Group Inc.'s holdings in e.l.f. Beauty were worth $420,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Aurora Investment Counsel acquired a new position in shares of e.l.f. Beauty in the first quarter valued at about $294,000. Caas Capital Management LP increased its holdings in shares of e.l.f. Beauty by 1,466.7% in the first quarter. Caas Capital Management LP now owns 4,700 shares of the company's stock valued at $295,000 after purchasing an additional 4,400 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of e.l.f. Beauty by 42.0% in the first 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 period. Granahan Investment Management LLC acquired a new position in shares of e.l.f. Beauty in the fourth quarter valued at about $9,671,000. Finally, Vontobel Holding Ltd. increased its holdings in shares of e.l.f. Beauty by 165.6% in the first quarter. Vontobel Holding Ltd. now owns 15,181 shares of the company's stock valued at $953,000 after purchasing an additional 9,466 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at e.l.f. Beauty

In other e.l.f. Beauty news, insider Scott Milsten sold 1,442 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $114.78, for a total transaction of $165,512.76. Following the completion of the sale, the insider owned 117,394 shares of the company's stock, valued at $13,474,483.32. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kory Marchisotto sold 1,496 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $117.61, for a total value of $175,944.56. Following the sale, the insider directly owned 158,303 shares of the company's stock, valued at approximately $18,618,015.83. This trade represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 126,589 shares of company stock valued at $14,547,949 over the last 90 days. Corporate insiders own 3.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ELF shares. B. Riley restated a "buy" rating and issued a $150.00 target price (up previously from $110.00) on shares of e.l.f. Beauty in a research note on Friday, June 13th. UBS Group lowered their target price on e.l.f. Beauty from $120.00 to $112.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Bank of America upped their target price on e.l.f. Beauty from $113.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday, June 20th. Robert W. Baird upped their target price on e.l.f. Beauty from $110.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded e.l.f. Beauty from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a research note on Friday, August 8th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, e.l.f. Beauty has an average rating of "Moderate Buy" and an average target price of $123.81.

e.l.f. Beauty Price Performance

NYSE:ELF opened at $119.73 on Friday. e.l.f. Beauty has a one year low of $49.40 and a one year high of $172.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.34 and a current ratio of 3.26. The stock has a market cap of $7.10 billion, a PE ratio of 70.43, a P/E/G ratio of 3.03 and a beta of 1.57. The stock has a 50 day moving average price of $118.85 and a 200 day moving average price of $88.48.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last posted its quarterly 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. e.l.f. Beauty had a return on equity of 16.36% and a net margin of 7.29%. The firm had revenue of $353.74 million during the quarter, compared to analysts' expectations of $348.99 million. During the same quarter last year, the firm earned $1.10 earnings per share. The business's revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts expect that e.l.f. Beauty will post 2.38 EPS for the current fiscal year.

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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