OAKLAND, CA—Scott Milsten, Senior Vice President, General Counsel, Corporate Secretary, and Chief People Officer at e.l.f. Beauty, Inc. (NYSE:ELF), recently sold 530 shares of the company's common stock. The shares were sold at a price of $137.60 each, amounting to a total transaction value of $72,928. The beauty company, currently valued at $7.7 billion, has demonstrated strong recent performance with a 10% gain in the past week and maintains impressive gross margins of 71%.
The sale was conducted on December 6, 2024, and was primarily to satisfy tax or other government withholding obligations related to the vesting of Restricted Stock Units (RSUs). Following this transaction, Milsten holds 68,853 shares directly, which includes 52,428 RSUs. Additionally, he indirectly owns 22,761 shares through the Milsten/Conner Trust.
These transactions are part of routine financial management and do not necessarily indicate any changes in Milsten's long-term outlook for the company.
In other recent news, e.l.f. Beauty has been experiencing considerable growth, particularly shown in its Q2 fiscal 2025 results. The company's strong performance prompted an upward revision of its fiscal 2025 outlook. The beauty firm has also been dealing with allegations from short seller Muddy Waters (NYSE:WAT), who suggested that e.l.f. Beauty had been inflating its revenues, profits, and inventory levels. The company refuted these claims, emphasizing that the discrepancy between its reported U.S. sales and its imports from China is due to confidentiality requested from U.S. Customs and Border Protection.
DA Davidson has maintained its Buy rating on e.l.f. Beauty, with a price target of $170.00. The firm's analysis indicates that e.l.f. Beauty's U.S. tracked channel point-of-sale (POS) growth is aligning with expectations, predominantly ranging between 10%-20% year-over-year for four of the last seven weeks. JPMorgan (NYSE:JPM) also maintained its Overweight rating and a $154.00 price target on e.l.f. Beauty shares, signaling its belief in the ongoing strength and accuracy of e.l.f. Beauty's reported financials.
Piper Sandler reaffirmed its Overweight rating on shares of e.l.f. Beauty, maintaining a price target of $165.00. The firm's positive outlook on the cosmetics company is based on recent sales data and confidence in the management's capabilities. These are just some of the recent developments surrounding e.l.f. Beauty.
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