Abacus FCF Advisors LLC Purchases New Holdings in Elastic N.V. $ESTC

Key Points

• Abacus FCF Advisors LLC has invested approximately $2.96 million in Elastic N.V. by acquiring 35,152 shares during the second quarter.
• Various institutional investors, including Bank of New York Mellon Corp and UBS Asset Management, have increased their positions in Elastic, indicating a growing institutional interest with 97.03% of the company's stock owned by such investors.
• Analysts have raised their target prices for Elastic, with a consensus price target now at $120.00, indicating a positive outlook on the stock overall.

Abacus FCF Advisors LLC purchased a new position in Elastic N.V. (NYSE:ESTC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 35,152 shares of the company's stock, valued at approximately $2,964,000.

Other institutional investors also recently made changes to their positions in the company. Signaturefd LLC increased its position in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after buying an additional 117 shares during the period. Parallel Advisors LLC increased its holdings in shares of Elastic by 4.5% during the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock valued at $303,000 after purchasing an additional 145 shares during the period. Y.D. More Investments Ltd boosted its stake in Elastic by 0.5% during the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company's stock valued at $2,756,000 after buying an additional 145 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Elastic by 53.7% during the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after buying an additional 152 shares in the last quarter. Finally, WCM Investment Management LLC boosted its stake in Elastic by 0.7% during the first quarter. WCM Investment Management LLC now owns 23,811 shares of the company's stock valued at $2,183,000 after buying an additional 169 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ESTC has been the subject of a number of research reports. DA Davidson assumed coverage on Elastic in a research report on Friday, August 29th. They set a "neutral" rating and a $105.00 price objective for the company. Canaccord Genuity Group raised their price objective on Elastic from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Piper Sandler raised their price objective on Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. KeyCorp started coverage on Elastic in a research report on Tuesday, June 10th. They issued a "sector weight" rating on the stock. Finally, Zacks Research downgraded Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.00.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 5,143 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the transaction, the insider owned 94,677 shares of the company's stock, valued at $8,532,291.24. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Shay Banon sold 104,326 shares of the firm's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.34, for a total value of $9,424,810.84. Following the transaction, the chief technology officer directly owned 4,363,780 shares in the company, valued at $394,223,885.20. This trade represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,536 shares of company stock valued at $30,872,136 in the last quarter. 12.70% of the stock is currently owned by company insiders.

Elastic Price Performance

Shares of NYSE ESTC traded down $2.46 during mid-day trading on Tuesday, hitting $86.61. 670,852 shares of the stock traded hands, compared to its average volume of 1,749,835. The company has a market cap of $9.20 billion, a PE ratio of -107.96 and a beta of 1.04. Elastic N.V. has a twelve month low of $70.14 and a twelve month high of $118.84. The firm has a 50 day simple moving average of $83.82 and a two-hundred day simple moving average of $85.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09.

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.