Bank of Nova Scotia Sells 86,394 Shares of Elastic N.V. (NYSE:ESTC)

Key Points

• The Bank of Nova Scotia significantly reduced its stake in Elastic N.V. by 96.9%, selling 86,394 shares and leaving it with only 2,806 shares valued at $250,000.
• Elastic N.V. reported a 15.9% increase in quarterly revenue year-over-year, totaling $388.43 million, while EPS exceeded estimates at $0.47.
• A number of analysts have lowered their target prices for Elastic, with most recent reductions indicating a shift in price targets from as high as $136.00 down to around $100.00, signaling a cautious approach towards the stock.

Bank of Nova Scotia reduced its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 96.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,806 shares of the company's stock after selling 86,394 shares during the period. Bank of Nova Scotia's holdings in Elastic were worth $250,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Cloud Capital Management LLC purchased a new position in shares of Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in Elastic in the fourth quarter worth $26,000. Signaturefd LLC boosted its holdings in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after acquiring an additional 117 shares in the last quarter. North Capital Inc. bought a new stake in Elastic in the first quarter worth $37,000. Finally, GAMMA Investing LLC boosted its holdings in Elastic by 134.6% in the first quarter. GAMMA Investing LLC now owns 570 shares of the company's stock worth $51,000 after acquiring an additional 327 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Rosenblatt Securities dropped their target price on Elastic from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Guggenheim lowered their price target on Elastic from $136.00 to $107.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Monness Crespi & Hardt raised Elastic from a "neutral" rating to a "buy" rating and set a $111.00 price target on the stock in a report on Friday, June 27th. Royal Bank Of Canada lowered their price target on Elastic from $119.00 to $115.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, TD Securities lowered their price target on Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. Eight equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elastic presently has a consensus rating of "Moderate Buy" and an average target price of $112.72.

Insider Activity

In other Elastic news, insider Ken Exner sold 6,918 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider owned 230,494 shares in the company, valued at $20,032,233.54. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO Mark Eugene Dodds sold 5,514 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $479,221.74. Following the transaction, the executive owned 165,443 shares of the company's stock, valued at $14,378,651.13. This represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock valued at $4,416,324 in the last quarter. Company insiders own 15.90% of the company's stock.

Elastic Price Performance

Shares of NYSE:ESTC traded up $0.62 during trading on Tuesday, hitting $73.16. 1,659,609 shares of the company's stock were exchanged, compared to its average volume of 1,661,904. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.92 and a quick ratio of 1.92. Elastic N.V. has a 52-week low of $69.00 and a 52-week high of $118.84. The business's 50-day simple moving average is $84.01 and its 200 day simple moving average is $91.08. The company has a market cap of $7.72 billion, a price-to-earnings ratio of -69.68 and a beta of 1.07.

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

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.