Capital Research Global Investors Reduces Stock Position in Elastic (NYSE:ESTC)

Capital Research Global Investors cut its position in Elastic (NYSE:ESTC - Free Report) by 48.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,621,867 shares of the company's stock after selling 1,519,912 shares during the quarter. Capital Research Global Investors owned 1.57% of Elastic worth $160,695,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sigma Planning Corp raised its position in shares of Elastic by 3.7% during the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company's stock worth $389,000 after acquiring an additional 139 shares during the last quarter. CIBC Asset Management Inc increased its position in Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company's stock valued at $302,000 after purchasing an additional 151 shares during the period. Smartleaf Asset Management LLC raised its holdings in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock worth $28,000 after purchasing an additional 158 shares during the last quarter. Resolute Advisors LLC lifted its position in shares of Elastic by 7.1% in the 4th quarter. Resolute Advisors LLC now owns 3,255 shares of the company's stock worth $323,000 after purchasing an additional 217 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of Elastic by 0.7% in the 4th quarter. Van ECK Associates Corp now owns 32,954 shares of the company's stock valued at $3,265,000 after purchasing an additional 220 shares during the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Elastic news, CTO Shay Banon sold 140,129 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the sale, the chief technology officer now directly owns 2,254,978 shares of the company's stock, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the transaction, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,304 shares of company stock worth $20,847,452. Insiders own 15.90% of the company's stock.

Elastic Stock Up 2.2 %

Elastic stock traded up $1.79 during midday trading on Friday, hitting $83.91. 1,812,816 shares of the stock were exchanged, compared to its average volume of 1,384,039. Elastic has a 52-week low of $69.00 and a 52-week 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. The business's 50-day moving average price is $91.59 and its 200-day moving average price is $96.44. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 152.56 and a beta of 1.19.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly 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). The business had revenue of $382.08 million for the quarter, compared to analysts' expectations of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, research analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Analyst Ratings Changes

ESTC has been the subject of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Elastic from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. 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 research note on Monday, April 7th. Cantor Fitzgerald initiated coverage on Elastic in a research note on Friday, January 17th. They set a "neutral" rating and a $108.00 target price for the company. Piper Sandler boosted their price target on Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. Finally, UBS Group raised their price objective on shares of Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Seven investment 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. According to data from MarketBeat.com, Elastic presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.48.

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.