Palumbo Wealth Management LLC Buys New Shares in Elastic (NYSE:ESTC)

Palumbo Wealth Management LLC purchased a new position in shares of Elastic (NYSE:ESTC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,550 shares of the company’s stock, valued at approximately $253,000.

A number of other hedge funds also recently bought and sold shares of ESTC. Slow Capital Inc. purchased a new stake in shares of Elastic during the fourth quarter worth approximately $5,039,000. Wealth Effects LLC increased its position in shares of Elastic by 25.4% in the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after purchasing an additional 5,830 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in shares of Elastic in the 3rd quarter valued at approximately $585,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Elastic by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after purchasing an additional 14,590 shares in the last quarter. Finally, Bangor Savings Bank acquired a new position in shares of Elastic during the fourth quarter worth $1,657,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Price Performance

Shares of NYSE ESTC opened at $113.21 on Friday. The stock has a fifty day moving average price of $105.48 and a 200 day moving average price of $95.22. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company has a market cap of $11.73 billion, a PE ratio of 205.83 and a beta of 1.07.

Wall Street Analysts Forecast Growth

ESTC has been the subject of a number of recent analyst reports. Truist Financial lifted their price target on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Royal Bank of Canada upped their price target on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. DA Davidson raised their price objective on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Scotiabank lowered their target price on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating for the company in a report on Tuesday, January 21st. Finally, Barclays lifted their price target on shares of Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and an average target price of $125.35.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 92,011 shares in the company, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,162 shares of company stock worth $18,637,562. 15.90% of the stock is owned by insiders.

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.