AXQ Capital LP Boosts Position in Elastic (NYSE:ESTC)

AXQ Capital LP boosted its stake in shares of Elastic (NYSE:ESTC - Free Report) by 194.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,947 shares of the company's stock after acquiring an additional 5,913 shares during the quarter. AXQ Capital LP's holdings in Elastic were worth $886,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ESTC. Slow Capital Inc. bought a new position in shares of Elastic during the 4th quarter valued at approximately $5,039,000. Wealth Effects LLC increased its position in Elastic by 25.4% during the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company's stock valued at $2,854,000 after acquiring an additional 5,830 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in shares of Elastic in the third quarter valued at $585,000. Charles Schwab Investment Management Inc. lifted 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 acquiring an additional 14,590 shares during the last quarter. Finally, Bangor Savings Bank purchased a new position in shares of Elastic during the 4th quarter worth about $1,657,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Stock Performance

ESTC stock traded down $3.08 during midday trading on Wednesday, hitting $99.34. 696,434 shares of the stock traded hands, compared to its average volume of 1,298,821. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a market cap of $10.37 billion, a P/E ratio of 180.62 and a beta of 1.20. The stock's fifty day simple moving average is $105.53 and its 200-day simple moving average is $95.83.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ESTC shares. Piper Sandler raised their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Wedbush cut Elastic from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Canaccord Genuity Group upped their price objective on Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Wells Fargo & Company lifted their target price on Elastic from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. Finally, 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 research note on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $131.52.

Insider Transactions at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total transaction of $513,200.00. Following the sale, the chief executive officer now owns 371,591 shares of the company's stock, valued at $38,140,100.24. The trade was a 1.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 2,683 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 $243,562.74. Following the sale, the chief technology officer now directly owns 4,535,456 shares of the company's stock, valued at $411,728,695.68. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock valued at $20,847,452 over the last 90 days. Corporate insiders own 15.90% of the company's stock.

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.