Elastic (NYSE:ESTC) Position Lifted by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its holdings in shares of Elastic (NYSE:ESTC - Free Report) by 51.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,666 shares of the company's stock after purchasing an additional 9,444 shares during the period. Exchange Traded Concepts LLC's holdings in Elastic were worth $2,124,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in Elastic by 30.8% in the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company's stock valued at $1,018,110,000 after purchasing an additional 2,392,356 shares during the period. Vanguard Group Inc. boosted its stake in shares of Elastic by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company's stock valued at $863,440,000 after buying an additional 44,597 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of Elastic during the second quarter worth about $248,335,000. Assenagon Asset Management S.A. purchased a new stake in shares of Elastic during the second quarter worth approximately $102,169,000. Finally, Federated Hermes Inc. increased its stake in shares of Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company's stock worth $70,129,000 after buying an additional 613,774 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

Elastic Trading Down 1.2 %

Shares of Elastic stock traded down $0.97 during mid-day trading on Tuesday, hitting $82.15. 859,131 shares of the stock were exchanged, compared to its average volume of 1,316,895. The company has a 50-day simple moving average of $86.59 and a 200 day simple moving average of $100.05. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 155.00 and a beta of 0.94. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the business earned ($0.35) earnings per share. The business's revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts forecast that Elastic will post -0.91 EPS for the current year.

Insider Activity

In other news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company's stock, valued at $7,232,869.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Carolyn Herzog sold 4,489 shares of the company's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company's stock, valued at $7,232,869.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the firm's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 in the last three months. Corporate insiders own 18.10% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $136.00 price objective on shares of Elastic in a research report on Tuesday, August 27th. Royal Bank of Canada lowered their price target on Elastic from $135.00 to $110.00 and set an "outperform" rating for the company in a report on Friday, August 30th. Bank of America cut shares of Elastic from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $140.00 to $94.00 in a report on Friday, August 30th. Barclays upgraded shares of Elastic from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $90.00 to $95.00 in a research report on Monday, October 7th. Finally, Wells Fargo & Company cut their price target on shares of Elastic from $145.00 to $100.00 and set an "overweight" rating on the stock in a research note on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Elastic currently has an average rating of "Moderate Buy" and an average price target of $103.71.

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.