Alliancebernstein L.P. Has $2.67 Million Holdings in Elastic (NYSE:ESTC)

Alliancebernstein L.P. cut its stake in shares of Elastic (NYSE:ESTC - Free Report) by 78.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,985 shares of the company's stock after selling 99,345 shares during the period. Alliancebernstein L.P.'s holdings in Elastic were worth $2,674,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Elastic during the 4th quarter valued at about $102,485,000. Arrowstreet Capital Limited Partnership grew its position 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 in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of 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 during the period. American Century Companies Inc. lifted its position in shares of 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 in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Elastic by 256.3% in the third quarter. Franklin Resources Inc. now owns 341,524 shares of the company's stock valued at $28,387,000 after purchasing an additional 245,680 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on ESTC. Truist Financial cut their price objective 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. DA Davidson reduced their price target on Elastic from $115.00 to $75.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Jefferies Financial Group dropped their price objective on Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Wells Fargo & Company increased their target price on Elastic from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. Finally, Guggenheim lifted their price target on shares of Elastic from $130.00 to $136.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Seven research 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 data from MarketBeat.com, Elastic has an average rating of "Moderate Buy" and a consensus price target of $127.48.

Elastic Stock Performance

Shares of NYSE ESTC traded down $1.00 during midday trading on Friday, hitting $77.79. 885,373 shares of the company's stock were exchanged, compared to its average volume of 1,366,271. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The firm has a market cap of $8.12 billion, a P/E ratio of 141.44 and a beta of 1.19. The stock's 50 day moving average price is $95.22 and its 200-day moving average price is $96.65. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Equities research analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insider Activity

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the transaction, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 140,129 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. This represents a 5.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock worth $20,847,452 in the last 90 days. Company insiders own 15.90% of the company's stock.

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.