M&T Bank Corp Raises Stock Position in e.l.f. Beauty (NYSE:ELF)

M&T Bank Corp boosted its position in shares of e.l.f. Beauty (NYSE:ELF) by 13.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,016 shares of the company’s stock after acquiring an additional 1,050 shares during the quarter. M&T Bank Corp’s holdings in e.l.f. Beauty were worth $566,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ELF. Nemes Rush Group LLC purchased a new stake in shares of e.l.f. Beauty in the 4th quarter worth approximately $27,000. Orion Capital Management LLC purchased a new stake in e.l.f. Beauty during the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC purchased a new stake in e.l.f. Beauty during the first quarter valued at approximately $33,000. Horizon Investments LLC lifted its position in e.l.f. Beauty by 29.0% during the fourth quarter. Horizon Investments LLC now owns 742 shares of the company’s stock valued at $93,000 after acquiring an additional 167 shares during the last quarter. Finally, Covestor Ltd increased its stake in e.l.f. Beauty by 55.7% during the 4th quarter. Covestor Ltd now owns 928 shares of the company’s stock valued at $117,000 after purchasing an additional 332 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ELF. Truist Financial upped their price target on shares of 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. Jefferies Financial Group set a $115.00 target price on shares of e.l.f. Beauty and gave the stock a “buy” rating in a report on Thursday, May 29th. Piper Sandler reissued an “overweight” rating and set a $109.00 target price (up previously from $81.00) on shares of e.l.f. Beauty in a report on Thursday, May 29th. JPMorgan Chase & Co. raised their target price on shares of e.l.f. Beauty from $70.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, May 30th. Finally, Canaccord Genuity Group raised their target price on shares of e.l.f. Beauty from $114.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $121.13.

Insider Activity

In related news, SVP Joshua Allen Franks sold 51,353 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $53.36, for a total value of $2,740,196.08. Following the sale, the senior vice president directly owned 114,660 shares of the company’s stock, valued at $6,118,257.60. This represents a 30.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott Milsten sold 11,860 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $115.56, for a total value of $1,370,541.60. Following the completion of the sale, the insider directly owned 118,836 shares in the company, valued at approximately $13,732,688.16. The trade was a 9.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,207 shares of company stock valued at $25,252,926. 3.90% of the stock is owned by insiders.

e.l.f. Beauty Price Performance

Shares of e.l.f. Beauty stock opened at $106.96 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.05 and a quick ratio of 2.00. The business’s 50 day simple moving average is $107.12 and its two-hundred day simple moving average is $89.63. The stock has a market capitalization of $6.07 billion, a P/E ratio of 55.42, a price-to-earnings-growth ratio of 2.51 and a beta of 1.52. e.l.f. Beauty has a one year low of $49.40 and a one year high of $195.26.

e.l.f. Beauty (NYSE:ELF) last announced its quarterly earnings results on Wednesday, May 28th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. e.l.f. Beauty had a return on equity of 17.98% and a net margin of 8.53%. The business had revenue of $332.65 million for the quarter, compared to analysts’ expectations of $327.45 million. During the same period in the previous year, the firm earned $0.53 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts forecast that e.l.f. Beauty will post 2.38 EPS for the current year.

About e.l.f. Beauty

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.