ExodusPoint Capital Management LP Grows Holdings in Elastic (NYSE:ESTC)

ExodusPoint Capital Management LP raised its position in Elastic (NYSE:ESTC) by 31.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 260,538 shares of the company’s stock after buying an additional 62,188 shares during the period. ExodusPoint Capital Management LP owned about 0.27% of Elastic worth $16,706,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in Elastic by 29.2% in the first quarter. Baillie Gifford & Co. now owns 7,634,113 shares of the company’s stock valued at $442,015,000 after buying an additional 1,723,842 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Elastic by 2.2% during the third quarter. Vanguard Group Inc. now owns 7,370,062 shares of the company’s stock worth $528,727,000 after purchasing an additional 157,301 shares in the last quarter. FMR LLC increased its stake in shares of Elastic by 11.4% during the first quarter. FMR LLC now owns 6,851,276 shares of the company’s stock worth $396,689,000 after purchasing an additional 702,665 shares in the last quarter. BlackRock Inc. increased its stake in shares of Elastic by 4.8% during the first quarter. BlackRock Inc. now owns 5,616,149 shares of the company’s stock worth $499,557,000 after purchasing an additional 259,742 shares in the last quarter. Finally, Sylebra Capital Ltd increased its stake in shares of Elastic by 3.2% during the first quarter. Sylebra Capital Ltd now owns 4,712,076 shares of the company’s stock worth $272,829,000 after purchasing an additional 146,397 shares in the last quarter. Hedge funds and other institutional investors own 74.66% of the company’s stock.

Elastic Stock Performance

Elastic stock opened at $77.06 on Tuesday. The firm has a 50 day simple moving average of $77.70 and a 200-day simple moving average of $69.80. Elastic has a 1-year low of $46.18 and a 1-year high of $84.04. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.85 and a quick ratio of 1.85. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of -34.41 and a beta of 0.88.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 31st. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.06. Elastic had a negative net margin of 19.33% and a negative return on equity of 38.73%. The business had revenue of $293.75 million during the quarter, compared to analysts’ expectations of $284.65 million. On average, analysts expect that Elastic will post -1.3 EPS for the current year.

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 2,621 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $77.83, for a total transaction of $203,992.43. Following the completion of the transaction, the insider now owns 82,022 shares of the company’s stock, valued at approximately $6,383,772.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $74.71, for a total transaction of $1,867,750.00. Following the completion of the transaction, the director now owns 7,729 shares of the company’s stock, valued at approximately $577,433.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 2,621 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $77.83, for a total transaction of $203,992.43. Following the completion of the transaction, the insider now directly owns 82,022 shares of the company’s stock, valued at approximately $6,383,772.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,470 shares of company stock valued at $5,651,090. Company insiders own 18.10% of the company’s stock.

Wall Street Analyst Weigh In

ESTC has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of Elastic from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Friday, September 1st. DA Davidson boosted their target price on shares of Elastic from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price objective on shares of Elastic in a research note on Friday, October 6th. Jefferies Financial Group upgraded shares of Elastic from a “hold” rating to a “buy” rating and increased their price objective for the company from $75.00 to $100.00 in a report on Wednesday, October 18th. Finally, Bank of America increased their price objective on shares of Elastic from $78.00 to $90.00 in a report on Friday, September 29th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.06.

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.