Daventry Group LP Grows Position in Elastic (NYSE:ESTC)

Daventry Group LP increased its stake in Elastic (NYSE:ESTC - Free Report) by 16.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 515,690 shares of the company's stock after purchasing an additional 74,139 shares during the quarter. Elastic makes up 19.5% of Daventry Group LP's investment portfolio, making the stock its largest holding. Daventry Group LP owned about 0.50% of Elastic worth $51,095,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Slow Capital Inc. purchased a new stake in Elastic in the 4th quarter worth about $5,039,000. Wealth Effects LLC lifted its position in shares of Elastic by 25.4% in the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company's stock worth $2,854,000 after purchasing an additional 5,830 shares in the last quarter. Bangor Savings Bank acquired a new stake in shares of Elastic during the fourth quarter worth approximately $1,657,000. Smith Group Asset Management LLC purchased a new position in Elastic during the fourth quarter valued at approximately $3,408,000. Finally, Nisa Investment Advisors LLC lifted its position in Elastic by 3,442.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 14,525 shares of the company's stock worth $1,439,000 after buying an additional 14,115 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Insider Buying and Selling at Elastic

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ESTC shares. Jefferies Financial Group cut their price objective on Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 7th. Cantor Fitzgerald started coverage on Elastic in a report on Friday, January 17th. They set a "neutral" rating and a $108.00 price target for the company. Robert W. Baird increased their price objective on Elastic from $135.00 to $140.00 and gave the stock an "outperform" 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 for the company in a research note on Monday, March 31st. Finally, Canaccord Genuity Group boosted their target price on shares of Elastic from $130.00 to $135.00 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 assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Elastic presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.48.

Elastic Price Performance

Shares of ESTC stock traded down $0.72 during trading hours on Friday, hitting $85.55. 1,000,688 shares of the company's stock were exchanged, compared to its average volume of 1,415,734. The stock's 50-day moving average is $87.13 and its 200-day moving average is $96.66. 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 has a 52 week low of $69.00 and a 52 week high of $123.96. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 155.55 and a beta of 1.20.

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

Elastic Company 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.