Baird Financial Group Inc. Buys 99,082 Shares of Elastic N.V. $ESTC

Key Points

• Baird Financial Group Inc. increased its stake in Elastic N.V. by 225.6%, acquiring an additional 99,082 shares during the first quarter, raising its total to 143,009 shares valued at approximately $12.74 million.
• Other hedge funds, including Panagora Asset Management and Driehaus Capital Management, also significantly boosted their positions in Elastic, indicating increased institutional interest.
• Wall Street analysts have mixed views, with target price revisions ranging from $105 to $125, while maintaining a consensus rating of Moderate Buy with an average target of $120.20.

Baird Financial Group Inc. lifted its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 225.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,009 shares of the company's stock after buying an additional 99,082 shares during the period. Baird Financial Group Inc. owned approximately 0.14% of Elastic worth $12,742,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Cloud Capital Management LLC bought a new stake in shares of Elastic in the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in Elastic during the fourth quarter worth $26,000. Signaturefd LLC lifted its stake in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares during the last quarter. North Capital Inc. bought a new stake in Elastic during the first quarter worth $37,000. Finally, Smartleaf Asset Management LLC lifted its stake in Elastic by 53.7% during the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock worth $40,000 after purchasing an additional 152 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Elastic Trading Up 2.3%

NYSE ESTC traded up $1.96 on Friday, reaching $86.67. The company had a trading volume of 2,260,284 shares, compared to its average volume of 2,311,115. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of -108.34 and a beta of 1.04. Elastic N.V. has a fifty-two week low of $69.00 and a fifty-two week high of $118.84. The business has a 50 day moving average of $83.04 and a two-hundred day moving average of $86.88. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 1.92.

Insider Activity

In other Elastic news, insider Ken Exner sold 6,918 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the completion of the sale, the insider directly owned 230,494 shares in the company, valued at approximately $20,032,233.54. This trade represents a 2.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 5,117 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $444,718.47. Following the sale, the chief technology officer owned 4,560,291 shares of the company's stock, valued at approximately $396,334,890.81. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,913 shares of company stock worth $4,416,324. 12.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Royal Bank Of Canada upped their target price on Elastic from $106.00 to $125.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen upgraded Elastic from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Piper Sandler lifted their price target on shares of Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Barclays increased their price objective on shares of Elastic from $105.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Finally, Monness Crespi & Hardt upped their price target on shares of Elastic from $111.00 to $150.00 and gave the stock a "buy" rating in a report on Friday, August 29th. One 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

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.