LB Partners LLC Takes $1.15 Million Position in Elastic (NYSE:ESTC)

LB Partners LLC acquired a new stake in shares of Elastic (NYSE:ESTC - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,000 shares of the company's stock, valued at approximately $1,151,000. Elastic comprises about 1.0% of LB Partners LLC's portfolio, making the stock its 15th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Elastic by 8.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company's stock worth $278,000 after buying an additional 185 shares in the last quarter. TrueMark Investments LLC raised its stake in Elastic by 13.5% in the first quarter. TrueMark Investments LLC now owns 20,251 shares of the company's stock worth $2,030,000 after buying an additional 2,405 shares in the last quarter. Blue Zone Wealth Advisors LLC raised its stake in Elastic by 4.6% in the first quarter. Blue Zone Wealth Advisors LLC now owns 27,488 shares of the company's stock worth $2,755,000 after buying an additional 1,220 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Elastic in the first quarter worth about $64,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Elastic by 737.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company's stock worth $1,766,000 after buying an additional 15,514 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Insider Activity

In other Elastic news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on 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 directly owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares of the company's stock, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares of the company's stock, valued at $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 worth $2,627,772 in the last three months. Company insiders own 18.10% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Elastic from $140.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, August 30th. Stifel Nicolaus cut their price objective on shares of Elastic from $120.00 to $98.00 and set a "buy" rating on the stock in a report on Friday, August 30th. TD Cowen cut their price target on shares of Elastic from $110.00 to $80.00 and set a "hold" rating on the stock in a report on Friday, August 30th. UBS Group cut their price target on shares of Elastic from $135.00 to $95.00 and set a "buy" rating on the stock in a report on Friday, August 30th. Finally, Jefferies Financial Group cut their price target on shares of Elastic from $140.00 to $110.00 and set a "buy" rating on the stock in a report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Elastic has a consensus rating of "Moderate Buy" and an average target price of $103.71.

Elastic Stock Performance

ESTC traded down $1.10 during trading on Monday, hitting $80.47. The company's stock had a trading volume of 909,511 shares, compared to its average volume of 1,311,445. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a one year low of $69.00 and a one year high of $136.06. The firm has a market cap of $8.19 billion, a PE ratio of 152.79 and a beta of 0.94. The business's 50 day simple moving average is $85.28 and its 200-day simple moving average is $99.69.

Elastic (NYSE:ESTC - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company's quarterly revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm earned ($0.35) earnings per share. As a group, sell-side analysts predict that Elastic will post -0.91 EPS for the current fiscal year.

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.