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.

Turner, 32, recently retired after a 15-year career, winning 763 races.
In 2008 she became the first female British jockey to ride 100 UK Flat winners in a year.
"It's nice for the girls putting in the effort and hard work that they can see there's light at the end of the tunnel," she told BBC Radio 5 live.
"It shows what they are working hard for is achievable."
She added: "It is more difficult for women, they need to train harder because men are physically stronger."
Turner rode two Group One winners at the highest level in Britain during her career, but suffered a number of injuries.
She credited the support of trainer Michael Bell for giving her the opportunity to race when she was an apprentice.
"I find with my job it has to be all or nothing," she added. "You cannot pick and choose and have the odd day off.
"I have had so many thrills and had fun and loved every minute and feel the time is now right to try something different."

And, on emerging relatively unscathed from the deep space experiment, what Wu Shiyun thought was that he would very much like a hot bath and some seafood.
He was one of four chosen to live inside the capsule, which was designed to mimic being on another planet.
The experiment looked at how food and air could be used and sustained under controlled conditions.
Using technology inspired by China's Shenzhou spacecraft, the three men and a woman grew 25 types of plants - including wheat and strawberries.
But it was also a chance to see how four individuals - picked from more than 2,000 candidates - could live together in a space no bigger than a netball court.
They also had to adjust to "Mars time", which is 39 minutes longer than an earth day.
But it transpires they found one very effective way to relax: Tai Chi.
"According to those of us inside the capsule, it did help in soothing our emotions. But further detailed statistical analysis is needed before we reach a specific conclusion," said Tong Feizhou, another volunteer.

West Berkshire Council is setting up an emotional health academy to train psychology graduates and health professionals.
The local authority said, once trained, its staff will work with children, families and schools.
It wants to greatly reduce the wait mental health patients face from 12 months to less than a week.
The council also hopes the new academy will stop problems escalating to the stage where they require attention from more highly trained mental health specialists.
Director of Children's Services Rachael Wardell said: "It works better if you get in there sooner, when people are waiting for help their condition gets worse.
"There are lots more things you can do early on without needing to go to a very high-level with a psychologist or psychiatrist.
"It is a way of bridging the gap."
Plans were submitted to the Department of Health in October and the council hopes to launch the academy in April while contributing about Â£120,000 a year, with local schools matching its total.
Local NHS commissioning groups could also contribute Â£100,000 a year and local businesses are being asked to help out financially as well.
More than 50 young sheep have been stolen from a farm in the Alves area of Moray.
[NEXT_CONCEPT]
Hayley Turner, Britain's most successful female jockey, believes her career has helped inspire other women to progress in the sport.
[NEXT_CONCEPT]
Six months trapped in a tiny capsule with only three other people for company gives a person time to think.
[NEXT_CONCEPT]
A council plans to employ its own staff to help young people with mental health problems.