Baker Avenue Asset Management LP Purchases Shares of 58,054 Elastic N.V. (NYSE:ESTC)

Key Points

• Baker Avenue Asset Management LP has acquired a new stake in Elastic N.V. during the first quarter, purchasing 58,054 shares valued at approximately $5.17 million, representing 0.06% ownership.
• Elastic has reported a quarterly earnings per share of $0.47, exceeding analysts' expectations of $0.37, along with a revenue increase of 15.9% year-over-year.
• Shares of Elastic have dropped 5.0%, with recent price targets set by analysts ranging between $75.00 and $136.00.

Baker Avenue Asset Management LP purchased a new stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 58,054 shares of the company's stock, valued at approximately $5,173,000. Baker Avenue Asset Management LP owned approximately 0.06% of Elastic at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in Elastic by 4.6% during the first 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 lifted its stake in Elastic by 13.3% during the fourth 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. bought a new position in Elastic during the first quarter worth about $205,000. Teacher Retirement System of Texas boosted its position in Elastic by 26.6% in the first quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company's stock valued at $1,615,000 after buying an additional 3,813 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Elastic by 666.7% in the first quarter. Principal Financial Group Inc. now owns 55,959 shares of the company's stock valued at $4,986,000 after buying an additional 48,660 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

Insider Buying and Selling

In other news, CTO Shay Banon sold 5,117 shares of Elastic 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 completion of the transaction, the chief technology officer owned 4,560,291 shares of the company's stock, valued at $396,334,890.81. The trade was a 0.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Carolyn Herzog sold 5,702 shares of Elastic stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $495,560.82. Following the completion of the transaction, the insider directly owned 93,985 shares of the company's stock, valued at approximately $8,168,236.35. This represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,913 shares of company stock valued at $4,416,324 over the last three months. Insiders own 15.90% of the company's stock.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $0.47 during midday trading on Tuesday, reaching $80.06. The company had a trading volume of 881,174 shares, compared to its average volume of 1,643,505. The stock has a market cap of $8.45 billion, a P/E ratio of -76.32 and a beta of 1.07. Elastic N.V. has a 52-week low of $69.00 and a 52-week high of $118.84. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. The company's 50 day moving average price is $85.13 and its 200 day moving average price is $91.96.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.10. The business had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. The business's quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $0.21 earnings per share. As a group, sell-side analysts anticipate that Elastic N.V. will post -0.77 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ESTC shares. Wedbush reduced their target price on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. DA Davidson reduced their price target on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Wall Street Zen upgraded shares of Elastic from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Wells Fargo & Company cut their price target on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $112.72.

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.