Bank of Nova Scotia Purchases 331,625 Shares of Elastic N.V. $ESTC

Key Points

• Bank of Nova Scotia increased its stake in Elastic N.V. by 78.8% in the first quarter, buying 331,625 additional shares and bringing its total holding to 752,434 shares worth about $37.6 million.
• Elastic’s latest quarterly results topped expectations, with EPS of $0.61 versus the $0.56 consensus and revenue of $450.68 million, up 16% year over year.
• Despite the strong quarter, analysts remain mixed: the stock has a consensus rating of Moderate Buy with an average target price of $78.78, while recent firms have trimmed targets or issued more cautious ratings.

Bank of Nova Scotia grew its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 78.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 752,434 shares of the company's stock after buying an additional 331,625 shares during the quarter. Bank of Nova Scotia owned approximately 0.73% of Elastic worth $37,614,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC acquired a new position in Elastic in the fourth quarter worth $25,000. Bessemer Group Inc. acquired a new stake in shares of Elastic in the first quarter valued at $25,000. Geneos Wealth Management Inc. bought a new position in shares of Elastic in the second quarter valued at about $31,000. Activest Wealth Management grew its holdings in Elastic by 3,181.2% during the 4th quarter. Activest Wealth Management now owns 525 shares of the company's stock worth $40,000 after acquiring an additional 509 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd raised its stake in shares of Elastic by 206.1% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company's stock worth $42,000 after acquiring an additional 371 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Insider Transactions at Elastic

In other news, CAO Jane E. Bone sold 1,104 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $66,913.44. Following the completion of the transaction, the chief accounting officer owned 53,415 shares of the company's stock, valued at $3,237,483.15. The trade was a 2.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Shay Banon sold 9,288 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $562,945.68. Following the completion of the sale, the chief technology officer owned 4,417,140 shares of the company's stock, valued at approximately $267,722,855.40. This represents a 0.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 110,099 shares of company stock valued at $6,673,100. Corporate insiders own 12.70% of the company's stock.

Elastic Price Performance

Shares of ESTC opened at $58.64 on Friday. The stock has a market cap of $6.10 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 12.98 and a beta of 1.00. Elastic N.V. has a 1 year low of $42.05 and a 1 year high of $96.07. The stock's 50-day moving average price is $59.40 and its two-hundred day moving average price is $57.90. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.45.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. The company had revenue of $450.68 million during the quarter, compared to analysts' expectations of $446.66 million. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.Elastic's revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. On average, equities analysts predict that Elastic N.V. will post 0.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ESTC. Scotiabank decreased their price target on shares of Elastic from $61.00 to $58.00 and set a "sector perform" rating on the stock in a research note on Friday, May 29th. Piper Sandler restated an "overweight" rating on shares of Elastic in a research report on Friday, June 26th. Zacks Research raised Elastic from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. Weiss Ratings upgraded Elastic from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 15th. Finally, DA Davidson lowered their target price on Elastic from $65.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, May 29th. Seventeen investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, Elastic currently has an average rating of "Moderate Buy" and a consensus target price of $78.78.

Elastic Company Profile

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.

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