JPMorgan Chase & Co. Sells 671,465 Shares of Elastic (NYSE:ESTC)

JPMorgan Chase & Co. decreased its holdings in shares of Elastic (NYSE:ESTC - Free Report) by 14.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,923,526 shares of the company's stock after selling 671,465 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.79% of Elastic worth $301,170,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. 272 Capital LP acquired a new stake in Elastic during the third quarter worth approximately $1,104,000. Oddo BHF Asset Management Sas acquired a new stake in Elastic during the 3rd quarter worth approximately $14,324,000. Franklin Resources Inc. boosted its stake in Elastic by 256.3% in the 3rd quarter. Franklin Resources Inc. now owns 341,524 shares of the company's stock valued at $28,387,000 after purchasing an additional 245,680 shares during the period. Tidal Investments LLC grew its holdings in Elastic by 239.1% in the 3rd quarter. Tidal Investments LLC now owns 9,807 shares of the company's stock valued at $753,000 after buying an additional 6,915 shares in the last quarter. Finally, Virtu Financial LLC grew its holdings in Elastic by 131.9% in the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company's stock valued at $333,000 after buying an additional 2,467 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares in the company, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the sale, the chief technology officer now owns 2,604,978 shares of the company's stock, valued at $288,944,159.76. This trade represents a 5.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,162 shares of company stock worth $18,637,562. Corporate insiders own 15.90% of the company's stock.

Elastic Trading Down 1.2 %

ESTC stock traded down $1.24 during midday trading on Monday, hitting $100.28. The stock had a trading volume of 866,001 shares, compared to its average volume of 1,339,990. 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 business has a fifty day moving average price of $96.29 and a two-hundred day moving average price of $96.96. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market cap of $10.39 billion, a P/E ratio of 182.33 and a beta of 1.02.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ESTC. Stifel Nicolaus boosted their price objective on shares of Elastic from $98.00 to $132.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Wedbush downgraded Elastic from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Citigroup raised their price objective on Elastic from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. JPMorgan Chase & Co. upped their target price on Elastic from $100.00 to $130.00 and gave the company an "overweight" rating in a research report on Friday, November 22nd. Finally, Piper Sandler raised their price target on Elastic from $100.00 to $130.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.50.

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.