Pinnacle Investment Management Ltd Makes New Investment in e.l.f. Beauty $ELF

Key Points

• Pinnacle Investment Management Ltd has acquired a new position in e.l.f. Beauty, purchasing 10,000 shares worth approximately $1.24 million, making it the firm’s 5th largest holding at 7.2% of total assets.
• Several institutional investors significantly increased their stakes in e.l.f. Beauty, with Champlain Investment Partners lifting their position by 19.7% and Prime Capital Management increasing theirs by 167.8%.
• Wall Street analysts have varying outlooks on e.l.f. Beauty, with price targets ranging from $128.00 to $165.00 and a consensus rating of "Moderate Buy," indicating positive sentiment towards the stock's growth potential.

Pinnacle Investment Management Ltd acquired a new position in e.l.f. Beauty (NYSE:ELF - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,000 shares of the company's stock, valued at approximately $1,244,000. e.l.f. Beauty accounts for 7.2% of Pinnacle Investment Management Ltd's holdings, making the stock its 5th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Champlain Investment Partners LLC lifted its position in e.l.f. Beauty by 19.7% during the first quarter. Champlain Investment Partners LLC now owns 2,665,026 shares of the company's stock valued at $167,337,000 after buying an additional 438,575 shares during the period. Prime Capital Management Co Ltd lifted its position in e.l.f. Beauty by 167.8% during the first quarter. Prime Capital Management Co Ltd now owns 604,535 shares of the company's stock valued at $37,959,000 after buying an additional 378,826 shares during the period. Mackenzie Financial Corp lifted its position in e.l.f. Beauty by 68.0% during the 1st quarter. Mackenzie Financial Corp now owns 862,671 shares of the company's stock valued at $54,167,000 after acquiring an additional 349,024 shares during the period. Swedbank AB lifted its position in e.l.f. Beauty by 42.6% during the 1st quarter. Swedbank AB now owns 1,157,760 shares of the company's stock valued at $72,696,000 after acquiring an additional 345,760 shares during the period. Finally, Generate Investment Management Ltd purchased a new position in e.l.f. Beauty during the 1st quarter valued at about $21,650,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of e.l.f. Beauty in a report on Thursday, September 4th. They set an "overweight" rating and a $150.00 target price for the company. Canaccord Genuity Group set a $165.00 price objective on e.l.f. Beauty in a research note on Tuesday, September 9th. Truist Financial lifted their price objective on 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. Robert W. Baird lifted their price objective on e.l.f. Beauty from $110.00 to $145.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Finally, Deutsche Bank Aktiengesellschaft lowered e.l.f. Beauty from a "buy" rating to a "hold" rating and lifted their price target for the stock from $121.00 to $128.00 in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $133.40.

Insider Buying and Selling

In other news, insider Scott Milsten sold 55,581 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 112,406 shares in the company, valued at approximately $15,125,351.36. This represents a 33.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lauren Cooks Levitan sold 4,630 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $118.94, for a total transaction of $550,692.20. Following the transaction, the director owned 11,507 shares of the company's stock, valued at $1,368,642.58. This trade represents a 28.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 184,745 shares of company stock worth $25,613,238 in the last three months. Corporate insiders own 3.90% of the company's stock.

e.l.f. Beauty Trading Up 2.0%

NYSE:ELF opened at $135.09 on Thursday. 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 12 month low of $49.40 and a 12 month high of $150.99. The company has a market cap of $8.01 billion, a PE ratio of 79.47, a price-to-earnings-growth ratio of 3.07 and a beta of 1.57. The company has a 50 day simple moving average of $125.85 and a two-hundred day simple moving average of $101.07.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last released its quarterly earnings results 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 business had revenue of $353.74 million during the quarter, compared to the consensus estimate of $348.99 million. During the same period in the previous year, the company posted $1.10 EPS. The business's quarterly revenue was up 9.0% compared to the same quarter last year. Research analysts forecast that e.l.f. Beauty will post 2.38 earnings per share for the current year.

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.

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