Corient Private Wealth LP Cuts Stock Holdings in Elastic N.V. $ESTC

Key Points

• Corient Private Wealth LP cut its Elastic stake by 96.6% in the second quarter, selling 176,182 shares and retaining 6,211 shares worth approximately $354,000. Institutional investors own 97.03% of Elastic’s stock.
• Elastic insiders sold 1.08 million shares worth about $98.4 million over the past three months, including sales by CEO Ashutosh Kulkarni and insider Carolyn Herzog.
• Despite the selling, analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $96.52 target price. Elastic recently beat quarterly earnings and revenue estimates, reporting $0.70 EPS and $478.1 million in revenue, up 15.2% year over year.

Corient Private Wealth LP lessened its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 96.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,211 shares of the company's stock after selling 176,182 shares during the period. Corient Private Wealth LP's holdings in Elastic were worth $354,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ESTC. Bessemer Group Inc. bought a new position in Elastic during the first quarter worth about $25,000. Basecamp Wealth Advisors LLC bought a new position in Elastic in the first quarter valued at about $28,000. Harbor Investment Advisory LLC acquired a new stake in shares of Elastic during the 2nd quarter worth approximately $42,000. Root Financial Partners LLC grew its holdings in Elastic by 2,976.7% during the 1st quarter. Root Financial Partners LLC now owns 923 shares of the company's stock worth $46,000 after acquiring an additional 893 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Elastic by 111.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 950 shares of the company's stock valued at $72,000 after buying an additional 500 shares during the period. 97.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 29,227 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $87.78, for a total value of $2,565,546.06. Following the sale, the chief executive officer directly owned 599,525 shares of the company's stock, valued at $52,626,304.50. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Carolyn Herzog sold 10,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $93.67, for a total transaction of $936,700.00. Following the completion of the transaction, the insider owned 118,439 shares of the company's stock, valued at $11,094,181.13. This trade represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,075,641 shares of company stock worth $98,430,566. Insiders own 12.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ESTC. Citigroup boosted their price objective on shares of Elastic from $104.00 to $128.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Weiss Ratings upgraded Elastic from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on shares of Elastic from $93.00 to $105.00 and gave the stock an "overweight" rating in a report on Friday, August 28th. Cantor Fitzgerald reissued a "neutral" rating and issued a $100.00 price objective on shares of Elastic in a research note on Wednesday, September 23rd. Finally, Zacks Research upgraded shares of Elastic from a "hold" rating to a "strong-buy" rating in a report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.52.

Elastic Trading Up 1.7%

Shares of ESTC stock opened at $93.92 on Friday. Elastic N.V. has a 12-month low of $42.05 and a 12-month high of $108.00. The company has a 50 day moving average of $83.32 and a 200-day moving average of $64.77. The firm has a market cap of $9.86 billion, a P/E ratio of 26.31, a PEG ratio of 7.75 and a beta of 1.03. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.44.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.12. The firm had revenue of $478.11 million during the quarter, compared to analyst estimates of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%.The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the company earned $0.60 earnings per share. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. Sell-side analysts anticipate that Elastic N.V. will post 0.65 earnings per share for the current year.

About Elastic

Elastic N.V. NYSE: ESTC develops search, observability and security software for organizations that need to collect, analyze and act on large volumes of data. Its platform helps users search structured and unstructured information, monitor applications and infrastructure, detect security threats and build artificial intelligence-powered experiences.

The company's principal offerings include Elasticsearch, its distributed search and analytics engine; Kibana, a visualization and data exploration interface; and Elastic Cloud, a managed cloud service for deploying Elastic products.

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