CIBC Private Wealth Group LLC Reduces Holdings in Elastic (NYSE:ESTC)

CIBC Private Wealth Group LLC reduced its stake in Elastic (NYSE:ESTC) by 1.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 35,313 shares of the company’s stock after selling 579 shares during the period. CIBC Private Wealth Group LLC’s holdings in Elastic were worth $3,462,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new position in shares of Elastic in the fourth quarter worth approximately $25,000. SBI Securities Co. Ltd. bought a new stake in Elastic in the 4th quarter worth $25,000. Venturi Wealth Management LLC increased its position in shares of Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of Elastic by 1,065.2% during the fourth quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock worth $53,000 after purchasing an additional 490 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Trading Up 0.2 %

NYSE:ESTC opened at $91.48 on Thursday. The stock has a market cap of $9.55 billion, a price-to-earnings ratio of 166.33 and a beta of 1.20. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average price is $104.65 and its 200-day moving average price is $96.47. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. On average, equities research analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on ESTC. UBS Group upped their price target on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Robert W. Baird upped their target price on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Morgan Stanley lifted their price target on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Wells Fargo & Company upped their price objective on shares of Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Finally, Piper Sandler lifted their target price on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Elastic currently has a consensus rating of “Moderate Buy” and a consensus target price of $130.74.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 3,334 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $302,660.52. Following the completion of the sale, the insider now owns 84,152 shares in the company, valued at approximately $7,639,318.56. This represents a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the transaction, the executive now directly owns 96,484 shares in the company, valued at $8,757,852.68. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is owned by insiders.

About Elastic

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.