Duality Advisers LP Reduces Stake in Elastic (NYSE:ESTC)

Duality Advisers LP reduced its holdings in shares of Elastic (NYSE:ESTC) by 62.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,479 shares of the company’s stock after selling 19,360 shares during the period. Duality Advisers LP’s holdings in Elastic were worth $1,151,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Baillie Gifford & Co. lifted its holdings in Elastic by 30.8% in the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after purchasing an additional 2,392,356 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Elastic by 4.6% in the third quarter. Vanguard Group Inc. now owns 8,573,534 shares of the company’s stock worth $696,514,000 after purchasing an additional 380,694 shares during the last quarter. Optimus Prime Fund Management Co. Ltd. boosted its stake in Elastic by 5.2% during the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 1,004,000 shares of the company’s stock valued at $113,151,000 after buying an additional 50,000 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Elastic by 77.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock worth $93,996,000 after acquiring an additional 364,418 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Elastic during the 4th quarter worth approximately $92,847,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Trading Up 1.2 %

Shares of NYSE:ESTC traded up $1.46 during mid-day trading on Friday, reaching $122.07. 897,062 shares of the company were exchanged, compared to its average volume of 1,317,591. The firm’s 50-day simple moving average is $109.56 and its 200 day simple moving average is $110.59. Elastic has a 1 year low of $57.38 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 227.57 and a beta of 0.98.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). The firm had revenue of $335.00 million during the quarter, compared to analysts’ expectations of $329.15 million. Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. Equities research analysts forecast that Elastic will post -1.12 EPS for the current year.

Analysts Set New Price Targets

ESTC has been the subject of a number of research reports. Canaccord Genuity Group lowered their target price on Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Friday, May 31st. Barclays reduced their target price on Elastic from $128.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday, May 31st. JPMorgan Chase & Co. cut their price target on Elastic from $138.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 24th. Finally, Citigroup raised their price objective on Elastic from $145.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, June 3rd. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $118.05.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 18,819 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $2,068,208.10. Following the completion of the sale, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Elastic news, insider Carolyn Herzog sold 5,820 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now directly owns 107,448 shares of the company’s stock, valued at approximately $11,805,311.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 18,819 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at $50,769,513.90. The disclosure for this sale can be found here. Insiders sold a total of 355,312 shares of company stock valued at $38,626,610 over the last ninety days. Insiders own 18.10% of the company’s stock.

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.