Harrell Investment Partners LLC Acquires New Shares in e.l.f. Beauty $ELF

Key Points

• Harrell Investment Partners LLC acquired a new position in e.l.f. Beauty, purchasing 2,178 shares valued at approximately $271,000 during the second quarter.
• Insider trading activity has been notable, with Kory Marchisotto and Joshua Allen Franks selling shares, resulting in a decrease of their ownership in the company.
• e.l.f. Beauty has recently received analyst upgrades, with Morgan Stanley upgrading the stock from "equal weight" to "overweight" and raising its price target from $114.00 to $134.00.

Harrell Investment Partners LLC acquired a new stake in shares of e.l.f. Beauty (NYSE:ELF - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 2,178 shares of the company's stock, valued at approximately $271,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in shares of e.l.f. Beauty by 11.8% in the second quarter. Farther Finance Advisors LLC now owns 993 shares of the company's stock worth $124,000 after buying an additional 105 shares in the last quarter. ProShare Advisors LLC raised its position in shares of e.l.f. Beauty by 7.1% in the fourth quarter. ProShare Advisors LLC now owns 2,635 shares of the company's stock worth $331,000 after buying an additional 174 shares in the last quarter. Signaturefd LLC raised its position in shares of e.l.f. Beauty by 27.9% in the first quarter. Signaturefd LLC now owns 858 shares of the company's stock worth $54,000 after buying an additional 187 shares in the last quarter. State of Michigan Retirement System raised its position in shares of e.l.f. Beauty by 1.5% in the first quarter. State of Michigan Retirement System now owns 13,500 shares of the company's stock worth $848,000 after buying an additional 200 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of e.l.f. Beauty by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 15,800 shares of the company's stock worth $992,000 after buying an additional 200 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Kory Marchisotto sold 13,515 shares of the firm's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $140.10, for a total transaction of $1,893,451.50. Following the transaction, the insider directly owned 144,788 shares of the company's stock, valued at approximately $20,284,798.80. This trade represents a 8.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joshua Allen Franks sold 7,913 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $145.00, for a total value of $1,147,385.00. Following the transaction, the senior vice president directly owned 99,369 shares in the company, valued at $14,408,505. This trade represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,745 shares of company stock valued at $25,613,238. Company insiders own 3.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ELF. Morgan Stanley upgraded e.l.f. Beauty from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $114.00 to $134.00 in a research report on Monday, August 11th. Canaccord Genuity Group set a $165.00 price objective on e.l.f. Beauty in a research report on Tuesday, September 9th. Robert W. Baird increased their price objective on 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. Jefferies Financial Group set a $115.00 price target on e.l.f. Beauty and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Piper Sandler started coverage on e.l.f. Beauty in a research report on Thursday, September 4th. They set an "overweight" rating and a $150.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $133.40.

e.l.f. Beauty Trading Down 5.2%

NYSE ELF opened at $129.04 on Thursday. The stock's 50-day simple moving average is $124.14 and its two-hundred day simple moving average is $98.88. e.l.f. Beauty has a twelve month low of $49.40 and a twelve month high of $150.99. The company has a quick ratio of 2.34, a current ratio of 3.26 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 75.91, a PEG ratio of 3.15 and a beta of 1.59.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $353.74 million for the quarter, compared to analysts' expectations of $348.99 million. During the same period last year, the firm earned $1.10 earnings per share. The company's revenue for the quarter was up 9.0% compared to the same quarter last year. Research analysts forecast that e.l.f. Beauty will post 2.38 EPS for the current fiscal year.

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.

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