Victory Capital Management Inc. Lowers Stock Holdings in Elastic (NYSE:ESTC)

Victory Capital Management Inc. decreased its holdings in Elastic (NYSE:ESTC - Free Report) by 24.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,299 shares of the company's stock after selling 5,031 shares during the quarter. Victory Capital Management Inc.'s holdings in Elastic were worth $1,174,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Asset Dedication LLC grew its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company's stock worth $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new stake in Elastic in the 2nd quarter worth about $40,000. Quarry LP purchased a new stake in Elastic in the 2nd quarter valued at about $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic in the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC increased its position in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company's stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Elastic Price Performance

Shares of Elastic stock opened at $111.54 on Wednesday. The company's fifty day simple moving average is $82.49 and its two-hundred day simple moving average is $96.96. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm has a market cap of $11.46 billion, a PE ratio of 202.80 and a beta of 0.94. 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 (NYSE:ESTC - Get Free Report) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the business earned ($0.35) EPS. Elastic's revenue was up 18.3% compared to the same quarter last year. As a group, equities analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the business's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Barclays raised their target price on Elastic from $105.00 to $138.00 and gave the company an "overweight" rating in a research report on Monday. William Blair raised shares of Elastic from a "market perform" rating to an "outperform" rating in a report on Monday, October 14th. Bank of America raised their target price on Elastic from $94.00 to $120.00 and gave the stock a "neutral" rating in a research report on Friday, November 22nd. TD Cowen dropped their price target on Elastic from $110.00 to $80.00 and set a "hold" rating on the stock in a research report on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price objective on Elastic from $99.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $126.33.

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.