AQR Capital Management LLC Raises Holdings in Elastic N.V. $ESTC

Key Points

• AQR Capital Management LLC significantly increased its stake in Elastic N.V. by purchasing 1,383,065 shares, bringing its total ownership to 1,403,859 shares, valued at approximately $122.98 million.
• Elastic stock is currently down 1.8%, with market activity showing a 12-month range between $69.00 and $118.84, and a market cap of $9 billion.
• Several analysts have upgraded their target prices for Elastic, with UBS raising it from $95 to $125 and Mizuho from $100 to $119, indicating strong market interest in the stock.

AQR Capital Management LLC grew its holdings in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 6,651.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,403,859 shares of the company's stock after purchasing an additional 1,383,065 shares during the period. AQR Capital Management LLC owned approximately 1.34% of Elastic worth $122,978,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Elastic by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company's stock worth $44,980,000 after purchasing an additional 22,005 shares during the period. Cetera Investment Advisers increased its position in Elastic by 13.3% during the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after purchasing an additional 843 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Elastic in the 1st quarter worth approximately $205,000. Teacher Retirement System of Texas grew its holdings in shares of Elastic by 26.6% in the 1st quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company's stock worth $1,615,000 after acquiring an additional 3,813 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Elastic by 666.7% in the 1st quarter. Principal Financial Group Inc. now owns 55,959 shares of the company's stock worth $4,986,000 after acquiring an additional 48,660 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

Elastic Trading Down 1.2%

Shares of Elastic stock traded down $1.14 during trading hours on Tuesday, reaching $91.16. 2,384,696 shares of the company's stock were exchanged, compared to its average volume of 1,759,597. Elastic N.V. has a 52-week low of $70.14 and a 52-week high of $118.84. The firm has a market capitalization of $9.69 billion, a price-to-earnings ratio of -113.95 and a beta of 1.04. The company has a fifty day moving average of $83.19 and a 200-day moving average of $86.62. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.59.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Elastic from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Morgan Stanley upped their price target on Elastic from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Zacks Research cut Elastic from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. UBS Group upped their price target on Elastic from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Mizuho increased their target price on Elastic from $100.00 to $119.00 and gave the company an "outperform" rating in a report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Elastic presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.00.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 100,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $84.20, for a total transaction of $8,420,000.00. Following the transaction, the chief technology officer owned 2,154,978 shares of the company's stock, valued at $181,449,147.60. This represents a 4.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Mark Eugene Dodds sold 2,500 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $83.50, for a total value of $208,750.00. Following the transaction, the executive directly owned 172,321 shares in the company, valued at approximately $14,388,803.50. This represents a 1.43% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.70% 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.