Franklin Resources Inc. Sells 282,471 Shares of Elastic (NYSE:ESTC)

Franklin Resources Inc. lessened its position in shares of Elastic (NYSE:ESTC - Free Report) by 82.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,053 shares of the company's stock after selling 282,471 shares during the quarter. Franklin Resources Inc. owned approximately 0.06% of Elastic worth $5,851,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of ESTC. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Elastic by 15.6% in the 4th 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. State Street Corp lifted its position in shares of Elastic by 2.3% during the 3rd 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. Geode Capital Management LLC raised its stake in Elastic by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company's stock worth $107,058,000 after acquiring an additional 50,355 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Elastic in the 4th quarter valued at $102,485,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

ESTC has been the topic of several research analyst reports. Truist Financial decreased their price objective on shares of Elastic from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Morgan Stanley lifted their price objective on Elastic from $130.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Wells Fargo & Company lifted their price target on Elastic from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Robert W. Baird raised their price objective on shares of Elastic from $135.00 to $140.00 and gave the company an "outperform" rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald assumed coverage on shares of Elastic in a report on Friday, January 17th. They issued a "neutral" rating and a $108.00 price target for the company. Seven 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.35.

Insider Activity

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the transaction, the executive now owns 96,484 shares in the company, valued at $8,757,852.68. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Shay Banon sold 25,668 shares of the firm's stock in a transaction that occurred on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the completion of the sale, the chief technology officer now directly owns 2,408,541 shares in the company, valued at $271,033,118.73. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock worth $20,847,452 in the last three months. Company insiders own 15.90% of the company's stock.

Elastic Price Performance

NYSE:ESTC traded up $1.17 during mid-day trading on Tuesday, reaching $80.59. The stock had a trading volume of 255,441 shares, compared to its average volume of 1,355,502. The stock has a 50-day simple moving average of $98.12 and a two-hundred day simple moving average of $96.59. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The stock has a market capitalization of $8.41 billion, a PE ratio of 146.31 and a beta of 1.19.

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

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.