Truist Financial Corp Raises Stake in e.l.f. Beauty $ELF

Key Points

• Truist Financial Corp increased its stake in e.l.f. Beauty by 49.5% during the second quarter, totaling 7,405 shares valued at approximately $921,000.
• e.l.f. Beauty reported quarterly earnings of $0.89 per share, beating estimates by $0.05, with revenues of $353.74 million, representing a 9.0% increase year-over-year.
• Insider selling activity was notable as CEO Tarang Amin sold shares worth $15.38 million, resulting in a 58.71% decrease in his stock ownership.

Truist Financial Corp grew its stake in shares of e.l.f. Beauty (NYSE:ELF - Free Report) by 49.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,405 shares of the company's stock after acquiring an additional 2,452 shares during the quarter. Truist Financial Corp's holdings in e.l.f. Beauty were worth $921,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ELF. Golden State Wealth Management LLC bought a new stake in shares of e.l.f. Beauty in the first quarter worth approximately $33,000. Parallel Advisors LLC grew its stake in shares of e.l.f. Beauty by 167.9% in the second quarter. Parallel Advisors LLC now owns 627 shares of the company's stock worth $78,000 after acquiring an additional 393 shares during the period. Larson Financial Group LLC grew its stake in shares of e.l.f. Beauty by 56.5% in the first quarter. Larson Financial Group LLC now owns 676 shares of the company's stock worth $42,000 after acquiring an additional 244 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of e.l.f. Beauty by 577.7% in the first quarter. Smartleaf Asset Management LLC now owns 759 shares of the company's stock worth $49,000 after acquiring an additional 647 shares during the period. Finally, Signaturefd LLC grew its holdings 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 acquiring an additional 187 shares during the period. 92.44% of the stock is currently owned by institutional investors.

e.l.f. Beauty Price Performance

e.l.f. Beauty stock opened at $133.03 on Tuesday. The company has a market cap of $7.89 billion, a price-to-earnings ratio of 78.26, a PEG ratio of 3.01 and a beta of 1.57. The firm's fifty day moving average is $128.71 and its 200 day moving average is $105.69. The company has a quick ratio of 2.34, a current ratio of 3.26 and a debt-to-equity ratio of 0.32. e.l.f. Beauty has a 52-week low of $49.40 and a 52-week high of $150.99.

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 for the quarter, beating the consensus estimate 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 company had revenue of $353.74 million for the quarter, compared to analyst estimates of $348.99 million. During the same quarter in the prior year, the firm posted $1.10 EPS. e.l.f. Beauty's quarterly revenue was up 9.0% compared to the same quarter last year. Sell-side analysts forecast that e.l.f. Beauty will post 2.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on ELF shares. B. Riley raised their target price on e.l.f. Beauty from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Morgan Stanley raised their target price on e.l.f. Beauty from $134.00 to $170.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Piper Sandler started coverage on e.l.f. Beauty in a research report on Thursday, September 4th. They issued an "overweight" rating and a $150.00 target price on the stock. The Goldman Sachs Group raised their target price on e.l.f. Beauty from $137.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft cut e.l.f. Beauty from a "buy" rating to a "hold" rating and raised their target price 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, ten have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $142.07.

Insider Buying and Selling at e.l.f. Beauty

In other e.l.f. Beauty news, CEO Tarang Amin sold 116,315 shares of the firm's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $132.24, for a total value of $15,381,495.60. Following the completion of the sale, the chief executive officer owned 81,818 shares of the company's stock, valued at approximately $10,819,612.32. This trade represents a 58.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joshua Allen Franks sold 7,913 shares of the firm's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $145.00, for a total value of $1,147,385.00. Following the completion of the sale, the senior vice president directly owned 99,369 shares of the company's stock, valued at approximately $14,408,505. This represents a 7.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 301,060 shares of company stock worth $40,994,733. Insiders own 3.90% of the company's stock.

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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