Cinctive Capital Management LP Lowers Position in Elastic N.V. $ESTC

Key Points

• Cinctive Capital Management cut its Elastic stake by 33.7% in the fourth quarter, selling 54,221 shares and leaving it with 106,845 shares worth about $8.06 million.
• Elastic reported better-than-expected quarterly results, posting EPS of $0.61 versus the $0.56 estimate and revenue of $450.68 million, up 16% year over year.
• Wall Street remains cautiously optimistic: analysts have a Moderate Buy average rating with a consensus price target of $80.04, though some firms recently lowered targets or downgraded the stock.

Cinctive Capital Management LP trimmed its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 33.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,845 shares of the company's stock after selling 54,221 shares during the quarter. Cinctive Capital Management LP owned about 0.10% of Elastic worth $8,060,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Sound Income Strategies LLC purchased a new stake in Elastic in the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. purchased a new stake in Elastic in the second quarter valued at approximately $31,000. Activest Wealth Management grew its holdings in Elastic by 3,181.3% in the fourth quarter. Activest Wealth Management now owns 525 shares of the company's stock valued at $40,000 after purchasing an additional 509 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in Elastic by 206.1% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company's stock valued at $42,000 after purchasing an additional 371 shares during the period. Finally, Quarry LP grew its holdings in Elastic by 16,200.0% in the fourth quarter. Quarry LP now owns 652 shares of the company's stock valued at $49,000 after purchasing an additional 648 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Rothschild & Co Redburn assumed coverage on shares of Elastic in a research note on Thursday, April 23rd. They set a "neutral" rating and a $49.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Elastic from $80.00 to $73.00 and set an "overweight" rating for the company in a research note on Monday, March 2nd. Zacks Research downgraded shares of Elastic from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 28th. Weiss Ratings upgraded shares of Elastic from a "sell (e+)" rating to a "sell (d+)" rating in a research note on Tuesday, June 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Elastic from $75.00 to $60.00 and set an "equal weight" rating for the company in a research note on Friday, February 27th. Eighteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $80.04.

Elastic Trading Down 2.7%

ESTC opened at $58.50 on Thursday. The stock has a market capitalization of $6.08 billion, a PE ratio of 16.71, a P/E/G ratio of 19.87 and a beta of 1.00. The firm's fifty day moving average price is $53.38 and its 200 day moving average price is $60.84. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.68 and a quick ratio of 1.68. Elastic N.V. has a 12-month low of $42.05 and a 12-month high of $96.07.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $450.68 million for the quarter, compared to analysts' expectations of $446.66 million. Elastic had a net margin of 21.14% and a negative return on equity of 1.82%. The firm's quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, research analysts expect that Elastic N.V. will post 0.18 EPS for the current fiscal year.

Insider Transactions at Elastic

In related news, insider Ken Exner sold 18,449 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 value of $1,118,193.89. Following the sale, the insider directly owned 360,037 shares of the company's stock, valued at $21,821,842.57. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Mark Eugene Dodds sold 18,439 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 $1,117,587.79. Following the completion of the sale, the executive directly owned 298,211 shares in the company, valued at $18,074,568.71. This represents a 5.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 110,099 shares of company stock valued at $6,673,100 over the last ninety days. 12.70% of the stock is currently owned by corporate insiders.

Elastic 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.

Want to see what other hedge funds are holding ESTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elastic N.V. (NYSE:ESTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.