Algert Global LLC Cuts Position in Elastic (NYSE:ESTC)

Algert Global LLC decreased its holdings in shares of Elastic (NYSE:ESTC) by 18.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,626 shares of the company’s stock after selling 6,290 shares during the period. Algert Global LLC’s holdings in Elastic were worth $2,197,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Asset Dedication LLC increased its position in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic in the second quarter worth $40,000. Quarry LP bought a new position in shares of Elastic during the second quarter valued at $40,000. Lynx Investment Advisory bought a new position in shares of Elastic during the second quarter valued at $43,000. Finally, Signaturefd LLC raised its position in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Elastic Stock Performance

NYSE:ESTC opened at $111.54 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a 50-day simple moving average of $82.49 and a two-hundred day simple moving average of $96.96. The firm has a market capitalization of $11.46 billion, a PE ratio of 202.80 and a beta of 0.94. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period in the previous year, the company posted ($0.35) EPS. The firm’s revenue was up 18.3% on a year-over-year basis. Analysts forecast that Elastic will post -0.92 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ESTC. Truist Financial raised their price objective on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Bank of America boosted their price objective on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Guggenheim increased their target price on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Royal Bank of Canada boosted their price target on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, Barclays increased their price objective on Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $126.33.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.