The Goldman Sachs Group Issues Positive Forecast for e.l.f. Beauty (NYSE:ELF) Stock Price

Key Points

• Goldman Sachs has raised its target price for e.l.f. Beauty (NYSE:ELF) to $137.00, suggesting a potential upside of 35.58% from the previous close and maintaining a "buy" rating on the stock.
• Overall, e.l.f. Beauty stock has received strong ratings, with ten analysts assigning a buy rating and a consensus price target of $124.81.
• The company's most recent quarterly earnings outperformed expectations, reporting $0.89 earnings per share and a 9% revenue increase year-over-year, with a total revenue of $353.74 million.

e.l.f. Beauty (NYSE:ELF - Get Free Report) had its target price hoisted by analysts at The Goldman Sachs Group from $120.00 to $137.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective points to a potential upside of 35.58% from the company's previous close.

Several other equities research analysts have also recently commented on the company. Raymond James Financial boosted their price target on e.l.f. Beauty from $95.00 to $105.00 and gave the company a "strong-buy" rating in a research note on Thursday, May 29th. Piper Sandler reiterated an "overweight" rating and issued a $109.00 price objective (up from $81.00) on shares of e.l.f. Beauty in a report on Thursday, May 29th. UBS Group reduced their price target on e.l.f. Beauty from $120.00 to $112.00 and set a "neutral" rating for the company in a research report on Thursday. Robert W. Baird raised 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, B. Riley reissued a "buy" rating and issued a $150.00 price target (up previously from $110.00) on shares of e.l.f. Beauty in a research report on Friday, June 13th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.81.

e.l.f. Beauty Price Performance

ELF stock traded down $9.34 during trading on Thursday, hitting $101.05. The company had a trading volume of 5,682,133 shares, compared to its average volume of 2,684,571. e.l.f. Beauty has a fifty-two week low of $49.40 and a fifty-two week high of $188.15. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 51.75, a P/E/G ratio of 2.62 and a beta of 1.57. The business has a 50 day moving average of $118.70 and a 200 day moving average of $88.49. The company has a current ratio of 3.05, a quick ratio of 2.00 and a debt-to-equity ratio of 0.34.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last posted its quarterly 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 8.53% and a return on equity of 17.98%. The firm had revenue of $353.74 million for the quarter, compared to analyst estimates of $348.99 million. During the same quarter in the previous year, the business posted $1.10 earnings per share. The firm's quarterly revenue was up 9.0% compared to the same quarter last year. As a group, research analysts predict that e.l.f. Beauty will post 2.38 earnings per share for the current year.

Insider Activity

In other e.l.f. Beauty news, insider Kory Marchisotto sold 1,496 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $117.61, for a total value of $175,944.56. Following the completion of the sale, the insider owned 158,303 shares of the company's stock, valued at $18,618,015.83. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mandy J. Fields sold 1,487 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $117.61, for a total transaction of $174,886.07. Following the sale, the insider owned 119,846 shares of the company's stock, valued at approximately $14,095,088.06. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,589 shares of company stock worth $14,547,949. Corporate insiders own 3.90% of the company's stock.

Hedge Funds Weigh In On e.l.f. Beauty

A number of institutional investors have recently bought and sold shares of the stock. Orion Capital Management LLC purchased a new stake in e.l.f. Beauty in the fourth quarter worth $30,000. Huntington National Bank boosted its holdings in shares of e.l.f. Beauty by 133.3% during the 2nd quarter. Huntington National Bank now owns 427 shares of the company's stock valued at $53,000 after buying an additional 244 shares in the last quarter. Hantz Financial Services Inc. lifted its position in e.l.f. Beauty by 1,734.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 477 shares of the company's stock valued at $59,000 after acquiring an additional 451 shares during the period. Golden State Wealth Management LLC purchased a new stake in e.l.f. Beauty in the first quarter worth about $33,000. Finally, Cetera Trust Company N.A lifted its holdings in shares of e.l.f. Beauty by 244.1% during the second quarter. Cetera Trust Company N.A now owns 585 shares of the company's stock valued at $73,000 after purchasing an additional 415 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

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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