MIG Capital LLC Takes Position in Elastic (NYSE:ESTC)

MIG Capital LLC acquired a new position in Elastic (NYSE:ESTC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 159,857 shares of the company’s stock, valued at approximately $15,839,000. Elastic makes up 1.6% of MIG Capital LLC’s holdings, making the stock its 21st largest holding. MIG Capital LLC owned 0.15% of Elastic as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Elastic in the 4th quarter worth $102,485,000. Arrowstreet Capital Limited Partnership increased its stake in Elastic by 5,972.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock valued at $73,751,000 after acquiring an additional 732,100 shares during the last quarter. Pictet Asset Management Holding SA raised its position in Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares in the last quarter. American Century Companies Inc. lifted its stake in Elastic by 592.1% during the fourth quarter. American Century Companies Inc. now owns 366,103 shares of the company’s stock worth $36,274,000 after purchasing an additional 313,207 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Elastic by 256.3% in the 3rd quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock worth $28,387,000 after purchasing an additional 245,680 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Wells Fargo & Company boosted their price objective on shares of Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Truist Financial reduced their target price on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Robert W. Baird boosted their price target on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group raised their price objective on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Seven investment 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. According to MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $130.74.

Insider Activity

In other news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the completion of the transaction, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the sale, the chief executive officer now directly owns 376,591 shares in the company, valued at $34,183,165.07. This trade represents a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 198,304 shares of company stock worth $20,847,452. Insiders own 15.90% of the company’s stock.

Elastic Trading Down 7.3 %

NYSE ESTC opened at $76.20 on Friday. The firm has a market capitalization of $7.96 billion, a PE ratio of 138.55 and a beta of 1.19. The stock’s 50 day moving average is $103.65 and its 200 day moving average is $96.53. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. 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) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Research analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

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.