Covenant Asset Management LLC Has $2.50 Million Holdings in e.l.f. Beauty, Inc. (NYSE:ELF)

Covenant Asset Management LLC increased its holdings in shares of e.l.f. Beauty, Inc. (NYSE:ELF) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,905 shares of the company’s stock after buying an additional 451 shares during the quarter. Covenant Asset Management LLC’s holdings in e.l.f. Beauty were worth $2,497,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ELF. Natixis acquired a new stake in e.l.f. Beauty during the 1st quarter worth $533,000. Axxcess Wealth Management LLC acquired a new stake in shares of e.l.f. Beauty in the 1st quarter valued at about $929,000. 1832 Asset Management L.P. acquired a new stake in shares of e.l.f. Beauty in the 1st quarter valued at about $61,299,000. Public Employees Retirement Association of Colorado raised its stake in shares of e.l.f. Beauty by 1,153.9% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 87,196 shares of the company’s stock valued at $17,093,000 after purchasing an additional 80,242 shares during the period. Finally, Ilex Capital Partners UK LLP acquired a new stake in shares of e.l.f. Beauty in the 1st quarter valued at about $5,801,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Insider Buying and Selling

In other news, CEO Tarang Amin sold 23,528 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $136.45, for a total transaction of $3,210,395.60. Following the completion of the sale, the chief executive officer now owns 106,016 shares in the company, valued at $14,465,883.20. The trade was a 18.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Jefferies Financial Group dropped their price target on e.l.f. Beauty from $220.00 to $175.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $165.00 price target (up previously from $162.00) on shares of e.l.f. Beauty in a research note on Thursday, November 7th. Canaccord Genuity Group dropped their price target on e.l.f. Beauty from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Truist Financial dropped their price target on e.l.f. Beauty from $210.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus dropped their price target on e.l.f. Beauty from $131.00 to $115.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $173.53.

e.l.f. Beauty Trading Up 2.7 %

e.l.f. Beauty stock opened at $122.25 on Friday. e.l.f. Beauty, Inc. has a 52 week low of $98.50 and a 52 week high of $221.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.78. The stock has a market capitalization of $6.89 billion, a P/E ratio of 66.08, a PEG ratio of 2.67 and a beta of 1.44. The stock has a 50-day simple moving average of $112.04 and a 200 day simple moving average of $153.08.

e.l.f. Beauty (NYSE:ELF) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.34. e.l.f. Beauty had a return on equity of 19.34% and a net margin of 8.87%. The business had revenue of $301.10 million during the quarter, compared to analysts’ expectations of $289.43 million. During the same quarter last year, the company posted $0.66 earnings per share. e.l.f. Beauty’s quarterly revenue was up 39.7% on a year-over-year basis. Analysts expect that e.l.f. Beauty, Inc. will post 2.8 earnings per share for the current year.

About e.l.f. Beauty

e.l.f. Beauty, Inc, together with its subsidiaries, provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, face, paw, and skin care products. It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors.