Atreides Management LP Sells 55,930 Shares of Elastic N.V. $ESTC

Key Points

• Atreides Management LP reduced its stake in Elastic N.V. by 10.2%, now holding 493,598 shares after selling 55,930 shares in the first quarter.
• Other institutional investors, such as Royal Bank of Canada and Graham Capital Management, have significantly increased their holdings in Elastic during the same period.
• Analysts have assigned a consensus rating of "Moderate Buy" for Elastic, with Jefferies Financial Group raising its price target from $110 to $125.

Atreides Management LP lowered its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 10.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 493,598 shares of the company's stock after selling 55,930 shares during the quarter. Elastic accounts for approximately 1.3% of Atreides Management LP's portfolio, making the stock its 21st largest position. Atreides Management LP owned approximately 0.47% of Elastic worth $43,980,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ESTC. Massachusetts Financial Services Co. MA increased its stake in shares of Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock valued at $203,872,000 after acquiring an additional 2,246,808 shares in the last quarter. Sylebra Capital LLC increased its stake in Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after purchasing an additional 1,756,842 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Elastic by 1,450.8% during the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock valued at $78,448,000 after purchasing an additional 823,680 shares in the last quarter. Soma Equity Partners LP increased its stake in Elastic by 61.5% during the 4th quarter. Soma Equity Partners LP now owns 989,349 shares of the company's stock valued at $98,025,000 after purchasing an additional 376,660 shares in the last quarter. Finally, Shannon River Fund Management LLC bought a new stake in Elastic during the 1st quarter valued at $31,981,000. Institutional investors own 97.03% of the company's stock.

Elastic Stock Performance

Shares of NYSE:ESTC traded up $1.96 during midday trading on Friday, reaching $86.67. The company had a trading volume of 2,260,284 shares, compared to its average volume of 2,281,823. The company's 50 day moving average price is $83.04 and its 200 day moving average price is $86.72. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.59. The stock has a market cap of $9.21 billion, a P/E ratio of -108.34 and a beta of 1.04. Elastic N.V. has a 52-week low of $69.00 and a 52-week high of $118.84.

Wall Street Analysts Forecast Growth

ESTC has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price target on shares of Elastic from $112.00 to $134.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Robert W. Baird boosted their price target on shares of Elastic from $105.00 to $120.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Rosenblatt Securities restated a "buy" rating and set a $130.00 price target on shares of Elastic in a research note on Friday, August 29th. TD Securities decreased their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Finally, Zacks Research downgraded shares of Elastic from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $120.00.

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 5,702 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $495,560.82. Following the transaction, the insider directly owned 93,985 shares of the company's stock, valued at approximately $8,168,236.35. The trade was a 5.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Mark Eugene Dodds sold 5,514 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $479,221.74. Following the completion of the transaction, the executive directly owned 165,443 shares in the company, valued at $14,378,651.13. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,913 shares of company stock worth $4,416,324 in the last ninety days. 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.