The one-year-old livestock - a mixture of Cheviot and black face sheep - were taken from the Coltfield area between Wednesday and Thursday.
Police Scotland said the theft of such a large number of sheep would have required "careful planning" and the use of vehicles to transport the animals away from the area.
Officers appealed for information.
More than 50 young sheep have been stolen from a farm in the Alves area of Moray.