Canada Pension Plan Investment Board Has $7.30 Million Stake in Elastic N.V. $ESTC

Key Points

• The Canada Pension Plan Investment Board increased its stake in Elastic N.V. by 571.3%, acquiring 69,700 additional shares, bringing its total ownership to approximately $7.3 million worth of stock.
• Insider trading activity includes notable sales by CRO Mark Eugene Dodds and insider Carolyn Herzog, reducing their holdings by 1.43% and 5.72% respectively.
• Stock analyst ratings for Elastic show optimism, with several firms issuing "buy" ratings and an average price target of $120.20.

Canada Pension Plan Investment Board boosted its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 571.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 81,900 shares of the company's stock after purchasing an additional 69,700 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Elastic worth $7,297,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of ESTC. Shannon River Fund Management LLC acquired a new stake in shares of Elastic in the first quarter worth $31,981,000. Ieq Capital LLC acquired a new stake in shares of Elastic in the first quarter worth $7,388,000. RGM Capital LLC boosted its position in shares of Elastic by 38.1% in the first quarter. RGM Capital LLC now owns 1,197,030 shares of the company's stock worth $106,655,000 after buying an additional 330,290 shares during the period. Thematics Asset Management boosted its position in shares of Elastic by 5.9% in the first quarter. Thematics Asset Management now owns 424,780 shares of the company's stock worth $37,848,000 after buying an additional 23,768 shares during the period. Finally, Jump Financial LLC boosted its position in shares of Elastic by 111.0% in the first quarter. Jump Financial LLC now owns 5,744 shares of the company's stock worth $512,000 after buying an additional 3,022 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Stock Up 2.3%

ESTC traded up $1.96 during midday trading on Friday, hitting $86.67. 2,260,284 shares of the company's stock traded hands, compared to its average volume of 2,311,115. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 1.92. Elastic N.V. has a one year low of $69.00 and a one year high of $118.84. The stock's fifty day simple moving average is $83.04 and its 200-day simple moving average is $86.88. The company has a market cap of $9.21 billion, a PE ratio of -108.34 and a beta of 1.04.

Insiders Place Their Bets

In related news, insider Ken Exner sold 6,918 shares of Elastic stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $601,243.38. Following the completion of the sale, the insider owned 230,494 shares of the company's stock, valued at approximately $20,032,233.54. The trade was a 2.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Mark Eugene Dodds sold 2,500 shares of Elastic stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total transaction of $208,750.00. Following the completion of the sale, the executive directly owned 172,321 shares of the company's stock, valued at approximately $14,388,803.50. The trade was a 1.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock worth $4,416,324 in the last 90 days. 12.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on ESTC. Morgan Stanley raised their target price on Elastic from $115.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Elastic in a research report on Friday, August 29th. Mizuho lifted their target price on shares of Elastic from $100.00 to $119.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wells Fargo & Company dropped their price target on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Finally, Canaccord Genuity Group increased their price objective on Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.