PNC Financial Services Group Inc. Boosts Stake in e.l.f. Beauty, Inc. (NYSE:ELF)

PNC Financial Services Group Inc. increased its holdings in shares of e.l.f. Beauty, Inc. (NYSE:ELF) by 29.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,392 shares of the company’s stock after purchasing an additional 2,146 shares during the quarter. PNC Financial Services Group Inc.’s holdings in e.l.f. Beauty were worth $1,024,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ELF. Baillie Gifford & Co. purchased a new position in e.l.f. Beauty during the second quarter worth about $801,693,000. Swedbank AB acquired a new position in shares of e.l.f. Beauty in the 3rd quarter worth approximately $76,321,000. Clearbridge Investments LLC boosted its position in shares of e.l.f. Beauty by 84.4% during the 2nd quarter. Clearbridge Investments LLC now owns 1,259,644 shares of the company’s stock worth $265,432,000 after purchasing an additional 576,383 shares during the period. Thrivent Financial for Lutherans increased its holdings in e.l.f. Beauty by 223.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 555,287 shares of the company’s stock valued at $60,543,000 after purchasing an additional 383,478 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in e.l.f. Beauty by 55.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 730,377 shares of the company’s stock valued at $79,633,000 after purchasing an additional 261,707 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

e.l.f. Beauty Price Performance

Shares of ELF opened at $127.20 on Thursday. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 2.85 and a beta of 1.44. The firm’s fifty day simple moving average is $113.07 and its 200-day simple moving average is $151.94. e.l.f. Beauty, Inc. has a twelve month low of $98.50 and a twelve month high of $221.83. The company has a current ratio of 1.78, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22.

e.l.f. Beauty (NYSE:ELF) last posted its earnings results on Wednesday, November 6th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.43 by $0.34. The firm had revenue of $301.10 million for the quarter, compared to analyst estimates of $289.43 million. e.l.f. Beauty had a return on equity of 19.34% and a net margin of 8.87%. e.l.f. Beauty’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.66 earnings per share. Equities analysts forecast that e.l.f. Beauty, Inc. will post 2.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Tarang Amin sold 23,528 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $136.45, for a total value of $3,210,395.60. Following the completion of the sale, the chief executive officer now directly owns 106,016 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this hyperlink. 3.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ELF has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price objective on e.l.f. Beauty from $167.00 to $154.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. B. Riley dropped their target price on e.l.f. Beauty from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group reduced their price target on shares of e.l.f. Beauty from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Morgan Stanley lowered their price objective on shares of e.l.f. Beauty from $184.00 to $139.00 and set an “equal weight” rating for the company in a research note on Monday, September 30th. Finally, Truist Financial reduced their target price on shares of e.l.f. Beauty from $210.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.53.

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.