Fred Alger Management LLC Buys New Position in e.l.f. Beauty $ELF

Key Points

• Fred Alger Management LLC has acquired a new position in e.l.f. Beauty, purchasing 59,782 shares valued at approximately $3.75 million in the 1st quarter.
• e.l.f. Beauty's recent earnings report revealed earnings per share of $0.89, surpassing estimates and demonstrating a 9.0% year-over-year revenue growth.
• Institutional investors own around 92.44% of e.l.f. Beauty's stock, showcasing significant institutional interest in the company.

Fred Alger Management LLC purchased a new position in shares of e.l.f. Beauty (NYSE:ELF - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 59,782 shares of the company's stock, valued at approximately $3,754,000. Fred Alger Management LLC owned approximately 0.11% of e.l.f. Beauty at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ELF. Aurora Investment Counsel bought a new stake in shares of e.l.f. Beauty in the 1st quarter worth $294,000. Caas Capital Management LP grew its position 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 purchasing an additional 4,400 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in e.l.f. Beauty by 42.0% in the 1st quarter. Harbor Capital Advisors Inc. now owns 103,235 shares of the company's stock worth $6,482,000 after purchasing an additional 30,530 shares in the last quarter. Vontobel Holding Ltd. increased 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 valued at $953,000 after buying an additional 9,466 shares during the last quarter. Finally, Generate Investment Management Ltd bought a new position in shares of e.l.f. Beauty during the 1st quarter worth approximately $21,650,000. 92.44% of the stock is currently owned by institutional investors.

e.l.f. Beauty Stock Up 1.1%

e.l.f. Beauty stock opened at $139.56 on Wednesday. The firm has a 50 day simple moving average of $119.43 and a 200 day simple moving average of $93.71. 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 1-year low of $49.40 and a 1-year high of $147.33. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 82.09, a P/E/G ratio of 3.34 and a beta of 1.59.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.89 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $348.99 million. During the same quarter in the prior year, the business posted $1.10 earnings per share. The business's quarterly revenue was up 9.0% on a year-over-year basis. On average, analysts predict that e.l.f. Beauty will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In other e.l.f. Beauty news, Director Lauren Cooks Levitan sold 4,630 shares of e.l.f. Beauty stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $118.94, for a total transaction of $550,692.20. Following the completion of the transaction, the director owned 11,507 shares of the company's stock, valued at $1,368,642.58. The trade was a 28.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ELF has been the subject of several recent analyst reports. UBS Group reduced their target price on e.l.f. Beauty from $120.00 to $112.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Bank of America increased their target price on shares of e.l.f. Beauty from $113.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, June 20th. B. Riley reaffirmed a "buy" rating and issued a $150.00 price target (up previously from $110.00) on shares of e.l.f. Beauty in a report on Friday, June 13th. Robert W. Baird increased their price objective on 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, JPMorgan Chase & Co. decreased their target price on e.l.f. Beauty from $132.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $132.25.

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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