Independence Bank of Kentucky Boosts Stock Position in e.l.f. Beauty $ELF

Key Points

• Independence Bank of Kentucky has increased its stake in e.l.f. Beauty by 26.0%, owning 17,234 shares worth approximately $2.15 million as of its latest SEC filing.
• e.l.f. Beauty reported earnings of $0.89 EPS for the quarter, exceeding estimates and showing a 9.0% year-over-year increase in revenue.
• Analysts maintain a generally positive outlook on e.l.f. Beauty, with an average rating of "Moderate Buy" and a projected price target of $133.40.

Independence Bank of Kentucky increased its stake in e.l.f. Beauty (NYSE:ELF - Free Report) by 26.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,234 shares of the company's stock after buying an additional 3,560 shares during the quarter. Independence Bank of Kentucky's holdings in e.l.f. Beauty were worth $2,145,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ELF. Wealth Enhancement Advisory Services LLC lifted its position in e.l.f. Beauty by 42.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,347 shares of the company's stock worth $1,048,000 after buying an additional 2,505 shares during the last quarter. GAMMA Investing LLC lifted its position in e.l.f. Beauty by 14,478.0% in the first quarter. GAMMA Investing LLC now owns 125,517 shares of the company's stock worth $7,881,000 after buying an additional 124,656 shares during the last quarter. NBC Securities Inc. lifted its position in e.l.f. Beauty by 141,950.0% in the first quarter. NBC Securities Inc. now owns 5,682 shares of the company's stock worth $356,000 after buying an additional 5,678 shares during the last quarter. Portside Wealth Group LLC lifted its position in e.l.f. Beauty by 18.6% in the first quarter. Portside Wealth Group LLC now owns 3,908 shares of the company's stock worth $245,000 after buying an additional 613 shares during the last quarter. Finally, Congress Asset Management Co. lifted its position 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 worth $58,958,000 after buying an additional 327,980 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

e.l.f. Beauty Trading Down 0.5%

ELF stock opened at $129.99 on Monday. The company has a market capitalization of $7.71 billion, a PE ratio of 76.47, a P/E/G ratio of 3.01 and a beta of 1.59. e.l.f. Beauty has a 12 month low of $49.40 and a 12 month high of $150.99. The firm's 50-day moving average is $124.78 and its 200 day moving average is $100.17. 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 issued 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 net margin of 7.29% and a return on equity of 16.36%. The company had revenue of $353.74 million for the quarter, compared to analysts' expectations of $348.99 million. During the same period in the prior year, the business earned $1.10 EPS. The firm's quarterly revenue was up 9.0% on a year-over-year basis. On average, research analysts anticipate that e.l.f. Beauty will post 2.38 EPS for the current year.

Insider Activity at e.l.f. Beauty

In other e.l.f. Beauty news, SVP Joshua Allen Franks sold 7,913 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $145.00, for a total transaction 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 represents a 7.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott Milsten sold 55,581 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $134.56, for a total transaction of $7,478,979.36. Following the transaction, the insider owned 112,406 shares in the company, valued at approximately $15,125,351.36. The trade was a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,745 shares of company stock worth $25,613,238 over the last quarter. Corporate insiders own 3.90% of the company's stock.

Analyst Ratings Changes

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 raised their price target 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 target on e.l.f. Beauty in a research report on Tuesday, September 9th. Truist Financial boosted their target price on shares of e.l.f. Beauty from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Deutsche Bank Aktiengesellschaft downgraded shares of e.l.f. Beauty from a "buy" rating to a "hold" rating and raised their price target for the stock from $121.00 to $128.00 in a research note on Tuesday, September 2nd. Finally, Piper Sandler initiated coverage on shares of e.l.f. Beauty in a research note on Thursday, September 4th. They issued an "overweight" rating and a $150.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, e.l.f. Beauty has an average rating of "Moderate Buy" and an average price target of $133.40.

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.

Want to see what other hedge funds are holding ELF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for e.l.f. Beauty (NYSE:ELF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.