The Manufacturers Life Insurance Company Raises Holdings in Elastic (NYSE:ESTC)

The Manufacturers Life Insurance Company lifted its holdings in Elastic (NYSE:ESTC) by 12.0% during the third quarter, Holdings Channel reports. The institutional investor owned 16,431 shares of the company’s stock after purchasing an additional 1,757 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Elastic were worth $1,261,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of ESTC. Asset Dedication LLC increased its stake in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic in the 2nd quarter worth about $40,000. Quarry LP acquired a new stake in Elastic in the 2nd quarter valued at about $40,000. Signaturefd LLC grew its stake in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. Finally, Eastern Bank purchased a new position in Elastic during the 3rd quarter valued at about $61,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elastic

In related news, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the sale, the insider now directly owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Shay Banon sold 150,000 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total value of $16,638,000.00. Following the completion of the sale, the chief technology officer now owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.90% of the company’s stock.

Elastic Stock Performance

NYSE:ESTC opened at $107.00 on Thursday. The company has a market cap of $11.09 billion, a P/E ratio of 194.55 and a beta of 1.02. The firm’s 50 day moving average is $90.60 and its two-hundred day moving average is $97.21. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ESTC. Barclays upped their price target on shares of Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. DA Davidson raised their price target on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. The Goldman Sachs Group upped their price objective on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic 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.