Elastic (NYSE:ESTC) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP decreased its holdings in shares of Elastic (NYSE:ESTC - Free Report) by 86.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,000 shares of the company's stock after selling 25,267 shares during the quarter. Cinctive Capital Management LP's holdings in Elastic were worth $307,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ESTC. Clearline Capital LP increased its position in shares of Elastic by 449.0% during the third quarter. Clearline Capital LP now owns 78,107 shares of the company's stock worth $5,995,000 after purchasing an additional 63,879 shares in the last quarter. Arizona PSPRS Trust purchased a new stake in Elastic in the third quarter valued at approximately $2,548,000. Atreides Management LP boosted its holdings in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company's stock valued at $129,555,000 after acquiring an additional 614,309 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Elastic during the third quarter worth approximately $964,000. Finally, 272 Capital LP acquired a new position in shares of Elastic in the 3rd quarter valued at $290,000. 97.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Elastic from $98.00 to $132.00 and gave the stock a "buy" rating in a research report on Friday, November 22nd. Wedbush upgraded Elastic from a "neutral" rating to an "outperform" rating and set a $135.00 price target on the stock in a research report on Monday, November 25th. Piper Sandler increased their price objective on Elastic from $100.00 to $130.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. Scotiabank boosted their target price on Elastic from $92.00 to $135.00 and gave the company a "sector outperform" rating in a report on Friday, November 22nd. Finally, Robert W. Baird upgraded Elastic from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $95.00 to $135.00 in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $126.33.

Insider Activity

In related news, CTO Shay Banon sold 2,666 shares of the company's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares of the company's stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the business's stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares of the company's stock, valued at $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,551 shares of company stock worth $20,506,656 over the last three months. 15.90% of the stock is currently owned by corporate insiders.

Elastic Price Performance

Shares of Elastic stock traded down $4.70 during trading on Thursday, hitting $111.52. 2,748,229 shares of the company were exchanged, compared to its average volume of 1,344,033. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. 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 firm has a 50 day moving average price of $87.44 and a 200 day moving average price of $97.20. The stock has a market capitalization of $11.56 billion, a price-to-earnings ratio of 211.40 and a beta of 1.02.

Elastic 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.