Norges Bank Makes New $38.90 Million Investment in e.l.f. Beauty $ELF

Key Points

• Norges Bank took a new position in e.l.f. Beauty during the fourth quarter, buying 511,501 shares worth about $38.9 million and ending with 0.87% ownership of the company.
• Several other institutional investors also added to their holdings, and hedge funds and institutions now own 92.44% of e.l.f. Beauty’s stock, while insiders have been selling shares in recent months.
• e.l.f. Beauty reported better-than-expected quarterly results, with EPS of $0.32 and revenue of $449.29 million, but analysts have trimmed price targets; the stock recently traded around $52.38, well below its 52-week high.

Norges Bank acquired a new position in e.l.f. Beauty (NYSE:ELF - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 511,501 shares of the company's stock, valued at approximately $38,895,000. Norges Bank owned 0.87% of e.l.f. Beauty as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State of Wyoming grew its holdings in e.l.f. Beauty by 7.1% in the third quarter. State of Wyoming now owns 1,595 shares of the company's stock worth $211,000 after purchasing an additional 106 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in e.l.f. Beauty by 58.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 317 shares of the company's stock worth $39,000 after purchasing an additional 117 shares during the period. EverSource Wealth Advisors LLC grew its holdings in e.l.f. Beauty by 97.0% in the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the company's stock worth $32,000 after purchasing an additional 128 shares during the period. Horizon Investments LLC grew its holdings in e.l.f. Beauty by 13.4% in the fourth quarter. Horizon Investments LLC now owns 1,089 shares of the company's stock worth $83,000 after purchasing an additional 129 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in e.l.f. Beauty by 0.8% in the third quarter. Public Employees Retirement System of Ohio now owns 17,246 shares of the company's stock worth $2,285,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Insider Activity at e.l.f. Beauty

In related news, CEO Tarang Amin sold 41,520 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $63.66, for a total transaction of $2,643,163.20. Following the sale, the chief executive officer directly owned 112,690 shares of the company's stock, valued at $7,173,845.40. This trade represents a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Joshua Allen Franks sold 6,854 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $51.94, for a total transaction of $355,996.76. Following the completion of the sale, the senior vice president owned 153,532 shares in the company, valued at $7,974,452.08. This represents a 4.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 235,649 shares of company stock valued at $14,647,024 over the last three months. 3.90% of the stock is owned by insiders.

e.l.f. Beauty Trading Up 5.7%

NYSE:ELF opened at $52.38 on Tuesday. The company has a quick ratio of 1.69, a current ratio of 2.35 and a debt-to-equity ratio of 0.72. e.l.f. Beauty has a 52 week low of $48.82 and a 52 week high of $150.99. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 113.87, a PEG ratio of 2.04 and a beta of 1.64. The company's 50 day moving average price is $59.59 and its 200-day moving average price is $73.18.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The company reported $0.32 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $423.06 million. During the same period last year, the firm posted $0.78 earnings per share. e.l.f. Beauty's revenue was up 35.1% compared to the same quarter last year. e.l.f. Beauty has set its FY 2027 guidance at 3.270-3.320 EPS. On average, equities research analysts forecast that e.l.f. Beauty will post 2.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on ELF. Robert W. Baird cut their target price on e.l.f. Beauty from $115.00 to $90.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 28th. Weiss Ratings cut e.l.f. Beauty from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday. Evercore began coverage on e.l.f. Beauty in a research note on Thursday, April 2nd. They issued an "inline" rating and a $68.00 target price on the stock. TD Cowen cut their target price on e.l.f. Beauty from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, February 9th. Finally, Jefferies Financial Group cut their target price on e.l.f. Beauty from $85.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $79.60.

e.l.f. Beauty 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.

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