State of Michigan Retirement System Takes $2.67 Million Position in e.l.f. Beauty, Inc. (NYSE:ELF)

State of Michigan Retirement System acquired a new stake in shares of e.l.f. Beauty, Inc. (NYSE:ELF) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 13,600 shares of the company’s stock, valued at approximately $2,666,000.

A number of other large investors have also made changes to their positions in the stock. Griffin Asset Management Inc. acquired a new position in shares of e.l.f. Beauty during the first quarter valued at about $345,000. WD Rutherford LLC raised its position in e.l.f. Beauty by 10.7% in the first quarter. WD Rutherford LLC now owns 13,542 shares of the company’s stock worth $2,655,000 after purchasing an additional 1,312 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in e.l.f. Beauty in the first quarter worth about $258,000. Wealth Enhancement Advisory Services LLC raised its position in e.l.f. Beauty by 43.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,427 shares of the company’s stock worth $672,000 after purchasing an additional 1,031 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in e.l.f. Beauty by 997.6% in the first quarter. Sunbelt Securities Inc. now owns 900 shares of the company’s stock worth $176,000 after purchasing an additional 818 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Insider Activity

In other e.l.f. Beauty news, CEO Tarang Amin sold 6,832 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $162.63, for a total value of $1,111,088.16. Following the transaction, the chief executive officer now directly owns 228,175 shares of the company’s stock, valued at $37,108,100.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other e.l.f. Beauty news, CEO Tarang Amin sold 6,832 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $162.63, for a total value of $1,111,088.16. Following the transaction, the chief executive officer now directly owns 228,175 shares of the company’s stock, valued at $37,108,100.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Joshua Allen Franks sold 727 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $165.16, for a total transaction of $120,071.32. Following the completion of the transaction, the senior vice president now directly owns 83,736 shares in the company, valued at $13,829,837.76. The disclosure for this sale can be found here. Insiders have sold 256,167 shares of company stock valued at $44,029,811 over the last three months. 5.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of e.l.f. Beauty from $197.00 to $182.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Stifel Nicolaus dropped their price target on shares of e.l.f. Beauty from $167.00 to $151.00 and set a “hold” rating for the company in a research report on Monday, May 20th. Truist Financial increased their price target on shares of e.l.f. Beauty from $200.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Piper Sandler reaffirmed an “overweight” rating and set a $210.00 price objective on shares of e.l.f. Beauty in a research note on Monday, June 24th. Finally, DA Davidson reaffirmed a “buy” rating and set a $220.00 price objective on shares of e.l.f. Beauty in a research note on Monday, June 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.93.

e.l.f. Beauty Price Performance

ELF opened at $201.99 on Thursday. e.l.f. Beauty, Inc. has a one year low of $88.47 and a one year high of $221.83. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.60 and a quick ratio of 0.95. The company’s 50 day simple moving average is $183.54 and its 200-day simple moving average is $176.03. The stock has a market capitalization of $11.30 billion, a P/E ratio of 90.99, a price-to-earnings-growth ratio of 5.34 and a beta of 1.46.

e.l.f. Beauty (NYSE:ELF) last released its quarterly earnings results on Wednesday, May 22nd. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.21 by $0.16. e.l.f. Beauty had a net margin of 12.47% and a return on equity of 26.64%. The business had revenue of $321.14 million for the quarter, compared to analysts’ expectations of $292.47 million. Sell-side analysts anticipate that e.l.f. Beauty, Inc. will post 2.85 earnings per share for the current fiscal year.

e.l.f. Beauty Profile

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.