Vestcor Inc Trims Stock Position in Elastic (NYSE:ESTC)

Vestcor Inc cut its holdings in shares of Elastic (NYSE:ESTC) by 60.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,000 shares of the company’s stock after selling 15,000 shares during the quarter. Vestcor Inc’s holdings in Elastic were worth $991,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Slow Capital Inc. purchased a new position in Elastic during the fourth quarter worth about $5,039,000. Wealth Effects LLC raised its holdings in shares of Elastic by 25.4% in the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after purchasing an additional 5,830 shares during the period. Blueshift Asset Management LLC purchased a new position in shares of Elastic in the 3rd quarter worth about $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 worth $41,901,000 after purchasing an additional 14,590 shares during the period. Finally, Bangor Savings Bank purchased a new position in shares of Elastic in the 4th quarter worth about $1,657,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Price Performance

Shares of ESTC opened at $95.00 on Friday. The firm has a market cap of $9.92 billion, a price-to-earnings ratio of 172.73 and a beta of 1.20. The stock has a 50 day moving average of $105.68 and a 200-day moving average of $94.91. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96.

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

Analyst Ratings Changes

ESTC has been the topic of a number of research reports. Stifel Nicolaus raised their price objective on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Piper Sandler raised their price objective on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Wells Fargo & Company increased their target price on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Royal Bank of Canada increased their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group increased their target price on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and an average target price of $131.52.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 3,334 shares of Elastic 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 sale, the insider now owns 84,152 shares of the company’s stock, valued at $7,639,318.56. The trade was a 3.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. The trade was a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 200,321 shares of company stock valued at $21,092,930. Insiders own 15.90% 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.