Toronado Partners LLC Trims Stake in Elastic (NYSE:ESTC)

Toronado Partners LLC cut its holdings in Elastic (NYSE:ESTC - Free Report) by 48.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 122,685 shares of the company's stock after selling 114,100 shares during the quarter. Elastic comprises about 7.7% of Toronado Partners LLC's investment portfolio, making the stock its 9th biggest holding. Toronado Partners LLC owned 0.12% of Elastic worth $12,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Quantinno Capital Management LP boosted its stake in shares of Elastic by 25.7% during the 3rd quarter. Quantinno Capital Management LP now owns 15,066 shares of the company's stock worth $1,156,000 after acquiring an additional 3,082 shares in the last quarter. Stifel Financial Corp boosted its position in shares of Elastic by 10.7% in the 3rd quarter. Stifel Financial Corp now owns 19,564 shares of the company's stock valued at $1,502,000 after purchasing an additional 1,898 shares during the period. State Street Corp increased its stake in Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company's stock worth $110,323,000 after purchasing an additional 31,663 shares in the last quarter. Wellington Management Group LLP increased its stake in Elastic by 138.5% in the 3rd quarter. Wellington Management Group LLP now owns 9,134 shares of the company's stock worth $701,000 after purchasing an additional 5,305 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Elastic during the 3rd quarter worth about $293,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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Elastic Price Performance

ESTC traded up $0.36 during midday trading on Tuesday, reaching $79.78. 1,830,596 shares of the company's stock were exchanged, compared to its average volume of 1,362,018. Elastic has a one year low of $69.00 and a one year high of $123.96. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 145.05 and a beta of 1.19. The business has a 50-day simple moving average of $97.43 and a two-hundred day simple moving average of $96.47. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly 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 company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. As a group, research analysts predict that Elastic will post -0.77 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ESTC. UBS Group boosted their price target on shares of Elastic from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, February 28th. Piper Sandler increased their target price on Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Wedbush cut Elastic from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Cantor Fitzgerald initiated coverage on Elastic in a research report on Friday, January 17th. They set a "neutral" rating and a $108.00 price target on the stock. Finally, Morgan Stanley raised their price objective on Elastic from $130.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Elastic has a consensus rating of "Moderate Buy" and an average target price of $128.35.

Insider Buying and Selling

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the business's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at $8,757,852.68. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 25,668 shares of the company's stock in a transaction dated 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 transaction, the chief technology officer now owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock worth $20,847,452 in the last quarter. 15.90% of the stock is owned by corporate insiders.

About Elastic

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.