Kornitzer Capital Management Inc. KS Cuts Stock Position in e.l.f. Beauty $ELF

Key Points

• Kornitzer Capital Management cut its e.l.f. Beauty position by 57% in the first quarter, leaving it with 56,210 shares worth about $3.4 million.
• e.l.f. Beauty recently beat earnings and revenue estimates, reporting EPS of $0.32 on revenue of $449.3 million, with quarterly revenue up 35.1% year over year.
• Insider selling and analyst caution have been notable: insiders sold shares in recent months, and analysts currently rate the stock a Moderate Buy with an average price target of $78.31.

Kornitzer Capital Management Inc. KS cut its position in e.l.f. Beauty (NYSE:ELF - Free Report) by 57.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,210 shares of the company's stock after selling 74,651 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.10% of e.l.f. Beauty worth $3,407,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ELF. BNP Paribas Financial Markets raised its stake in shares of e.l.f. Beauty by 3,131.7% during the 4th quarter. BNP Paribas Financial Markets now owns 924,902 shares of the company's stock worth $70,330,000 after acquiring an additional 896,282 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in e.l.f. Beauty by 47.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,197,319 shares of the company's stock valued at $167,086,000 after acquiring an additional 711,540 shares in the last quarter. Swedbank AB grew its holdings in e.l.f. Beauty by 97.0% in the fourth quarter. Swedbank AB now owns 1,364,801 shares of the company's stock worth $103,779,000 after purchasing an additional 672,071 shares during the last quarter. Armistice Capital LLC grew its holdings in e.l.f. Beauty by 394.9% in the fourth quarter. Armistice Capital LLC now owns 657,983 shares of the company's stock worth $50,033,000 after purchasing an additional 525,018 shares during the last quarter. Finally, Norges Bank purchased a new position in e.l.f. Beauty in the fourth quarter worth $38,895,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Get e.l.f. Beauty SMS alerts:

Sign Up

e.l.f. Beauty Stock Performance

Shares of ELF traded up $1.14 during trading hours on Friday, reaching $76.90. 1,631,380 shares of the company traded hands, compared to its average volume of 3,212,535. The company has a quick ratio of 1.69, a current ratio of 2.35 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average price of $61.38 and a 200-day moving average price of $71.81. e.l.f. Beauty has a 12-month low of $48.82 and a 12-month high of $150.99. The stock has a market capitalization of $4.53 billion, a P/E ratio of 167.18, a P/E/G ratio of 2.99 and a beta of 1.59.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last issued its earnings results on Wednesday, May 20th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. e.l.f. Beauty had a return on equity of 11.02% and a net margin of 1.61%.The company had revenue of $449.29 million during the quarter, compared to analyst estimates of $423.06 million. During the same quarter last year, the business posted $0.78 EPS. The firm's quarterly revenue was up 35.1% on a year-over-year basis. e.l.f. Beauty has set its FY 2027 guidance at 3.270-3.320 EPS. Equities analysts anticipate that e.l.f. Beauty will post 2.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Mandy J. Fields sold 23,656 shares of e.l.f. Beauty stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $63.66, for a total transaction of $1,505,940.96. Following the completion of the sale, the insider owned 77,437 shares of the company's stock, valued at $4,929,639.42. The trade was a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kory Marchisotto sold 23,796 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $63.66, for a total value of $1,514,853.36. Following the completion of the sale, the insider owned 152,417 shares in the company, valued at approximately $9,702,866.22. This represents a 13.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 278,988 shares of company stock valued at $18,354,580. Insiders own 3.90% of the company's stock.

Analysts Set New Price Targets

ELF has been the subject of several analyst reports. UBS Group set a $80.00 price objective on e.l.f. Beauty in a report on Thursday, May 21st. Piper Sandler reaffirmed a "neutral" rating on shares of e.l.f. Beauty in a research report on Friday, June 12th. Citigroup decreased their price target on e.l.f. Beauty from $115.00 to $87.00 and set a "buy" rating for the company in a research note on Wednesday, April 15th. Robert W. Baird lowered their price target on e.l.f. Beauty from $115.00 to $90.00 and set an "outperform" rating for the company in a report on Tuesday, April 28th. Finally, Bank of America lowered their price target on e.l.f. Beauty from $93.00 to $85.00 and set a "buy" rating for the company in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $78.31.

e.l.f. Beauty Company Profile

e.l.f. Beauty NYSE: ELF is an American cosmetics company known for offering an extensive range of affordable, trend-driven makeup and skincare products. The company's portfolio spans foundations, lipsticks, mascaras, brushes, serums, masks and other beauty essentials, all positioned at accessible price points. e.l.f. Beauty maintains a direct-to-consumer platform through its e-commerce site and engages in widespread retail partnerships with major chains such as Target, Walmart, Ulta Beauty and Amazon.

Founded in 2004 and headquartered in Oakland, California, e.l.f.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.