Bank of Nova Scotia Purchases New Shares in Elastic (NYSE:ESTC)

Bank of Nova Scotia bought a new position in shares of Elastic (NYSE:ESTC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 89,200 shares of the company's stock, valued at approximately $8,838,000. Bank of Nova Scotia owned 0.09% of Elastic at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company's stock valued at $926,607,000 after buying an additional 168,483 shares during the period. Pictet Asset Management Holding SA raised its position in Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company's stock valued at $339,820,000 after purchasing an additional 462,974 shares during the period. Geode Capital Management LLC lifted its stake in Elastic by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock worth $142,663,000 after purchasing an additional 45,076 shares in the last quarter. State Street Corp boosted its position in shares of Elastic by 2.3% during the third quarter. State Street Corp now owns 1,437,243 shares of the company's stock worth $110,323,000 after buying an additional 31,663 shares during the period. Finally, Norges Bank acquired a new stake in shares of Elastic in the fourth quarter valued at $102,485,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the transaction, the chief executive officer now owns 376,591 shares of the company's stock, valued at $34,183,165.07. This trade represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 140,129 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock valued at $20,847,452 in the last ninety days. Insiders own 15.90% of the company's stock.

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Elastic Price Performance

Shares of NYSE:ESTC traded up $0.36 during midday trading on Tuesday, hitting $79.78. 1,830,596 shares of the stock were exchanged, compared to its average volume of 1,361,587. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a 50 day moving average price of $97.43 and a 200-day moving average price of $96.47. The stock has a market cap of $8.33 billion, a P/E ratio of 145.05 and a beta of 1.19.

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

Wall Street Analysts Forecast Growth

ESTC has been the subject of several research reports. Morgan Stanley lifted their target price on Elastic from $130.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Scotiabank reduced their target price on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 27th. Robert W. Baird boosted their price target on shares of Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Guggenheim lifted their target price on Elastic from $130.00 to $136.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, DA Davidson cut their price target on Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a report on Monday. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $128.35.

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.