Federated Hermes Inc. Grows Stock Holdings in Elastic (NYSE:ESTC)

Federated Hermes Inc. boosted its position in shares of Elastic (NYSE:ESTC - Free Report) by 15.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 884,400 shares of the company's stock after purchasing an additional 118,294 shares during the period. Federated Hermes Inc. owned 0.85% of Elastic worth $87,626,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ESTC. MIG Capital LLC acquired a new stake in Elastic during the fourth quarter valued at approximately $15,839,000. Russell Investments Group Ltd. grew its position in shares of Elastic by 843.7% during the 4th quarter. Russell Investments Group Ltd. now owns 14,448 shares of the company's stock worth $1,432,000 after buying an additional 12,917 shares during the period. Envestnet Asset Management Inc. raised its holdings in Elastic by 17.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 24,348 shares of the company's stock worth $2,412,000 after purchasing an additional 3,602 shares during the period. Dynamic Technology Lab Private Ltd increased its holdings in shares of Elastic by 12.4% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 8,932 shares of the company's stock worth $885,000 after acquiring an additional 985 shares in the last quarter. Finally, Hel Ved Capital Management Ltd raised its holdings in shares of Elastic by 233.6% during the fourth quarter. Hel Ved Capital Management Ltd now owns 37,160 shares of the company's stock worth $3,682,000 after acquiring an additional 26,020 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

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Insiders Place Their Bets

In other news, CTO Shay Banon sold 25,668 shares of the firm's stock in a transaction 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 transaction, the chief technology officer now owns 2,408,541 shares of the company's stock, valued at approximately $271,033,118.73. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the sale, the insider now directly owns 84,152 shares of the company's stock, valued at approximately $7,639,318.56. The trade was a 3.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is currently owned by corporate insiders.

Elastic Stock Performance

Shares of NYSE:ESTC traded up $0.92 on Friday, reaching $79.70. 1,261,740 shares of the company's stock were exchanged, compared to its average volume of 1,360,332. 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 market capitalization of $8.32 billion, a price-to-earnings ratio of 144.90 and a beta of 1.19. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The business's 50-day moving average is $98.83 and its two-hundred day moving average is $96.44.

Elastic (NYSE:ESTC - Get Free Report) last released 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). 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 for the quarter, compared to analyst estimates of $368.85 million. As a group, equities research analysts forecast that Elastic will post -0.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Scotiabank decreased their target price on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 27th. UBS Group increased their target price on Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Canaccord Genuity Group increased their price target on Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Wedbush lowered shares of Elastic from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Seven equities research 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 company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $130.09.

Elastic Company 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.