Atreides Management LP Raises Stock Position in Elastic (NYSE:ESTC)

Atreides Management LP raised its stake in Elastic (NYSE:ESTC) by 57.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,687,791 shares of the company’s stock after buying an additional 614,309 shares during the period. Elastic comprises about 3.3% of Atreides Management LP’s investment portfolio, making the stock its 8th biggest position. Atreides Management LP owned 1.64% of Elastic worth $129,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ESTC. Asset Dedication LLC grew its holdings in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Quarry LP bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Lynx Investment Advisory bought a new stake in Elastic in the 2nd quarter worth $43,000. Finally, Signaturefd LLC grew its holdings in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 4,489 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 transaction of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This trade represents a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of the firm’s stock in a transaction dated 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 approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 198,551 shares of company stock worth $20,506,656. 15.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ESTC has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a report on Friday, November 22nd. 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. Jefferies Financial Group raised their price target on shares of Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Wells Fargo & Company raised their price target on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Finally, Truist Financial raised their price target on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.33.

Elastic Trading Down 0.6 %

Shares of NYSE ESTC opened at $109.46 on Monday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a market cap of $11.34 billion, a P/E ratio of 199.02 and a beta of 0.94. The firm has a 50-day moving average of $85.26 and a 200 day moving average of $97.11. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last issued 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 net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period last year, the company posted ($0.35) EPS. Elastic’s revenue was up 18.3% on a year-over-year basis. As a group, sell-side analysts expect that Elastic will post -0.79 EPS for the current fiscal year.

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.