Elastic N.V. $ESTC Shares Bought by Infinitum Asset Management LLC

Key Points

• Infinitum Asset Management LLC has increased its stake in Elastic N.V. by 42.9% to become its 10th largest holding, now owning 100,000 shares worth approximately $8.91 million.
• Analysts have raised their price targets for Elastic, with notable upgrades from Robert W. Baird and UBS Group, setting new targets at $120.00 and $125.00, respectively, indicating a favorable outlook on the stock.
• Recent insider sales, including the CTO selling over 5,000 shares, highlight cautious sentiment regarding stock ownership, with insiders now owning 12.70% of the company's shares.

Infinitum Asset Management LLC raised its holdings in Elastic N.V. (NYSE:ESTC - Free Report) by 42.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 100,000 shares of the company's stock after acquiring an additional 30,000 shares during the quarter. Elastic makes up about 2.9% of Infinitum Asset Management LLC's portfolio, making the stock its 10th largest holding. Infinitum Asset Management LLC owned about 0.10% of Elastic worth $8,910,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Scientech Research LLC acquired a new position in shares of Elastic during the first quarter valued at about $879,000. Petrus Trust Company LTA lifted its holdings in Elastic by 52.2% during the first quarter. Petrus Trust Company LTA now owns 9,658 shares of the company's stock valued at $861,000 after purchasing an additional 3,312 shares during the last quarter. Kettle Hill Capital Management LLC bought a new stake in Elastic during the 1st quarter valued at $2,252,000. Eventide Asset Management LLC increased its holdings in shares of Elastic by 16.2% in the first quarter. Eventide Asset Management LLC now owns 12,077 shares of the company's stock worth $1,076,000 after purchasing an additional 1,686 shares during the period. Finally, AQR Capital Management LLC increased its stake in Elastic by 6,651.3% in the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock valued at $122,978,000 after acquiring an additional 1,383,065 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 104,326 shares of Elastic stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.34, for a total transaction of $9,424,810.84. Following the completion of the sale, the chief technology officer directly owned 4,363,780 shares in the company, valued at $394,223,885.20. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 19,622 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $1,768,334.64. Following the transaction, the chief executive officer owned 457,314 shares of the company's stock, valued at $41,213,137.68. This trade represents a 4.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 347,036 shares of company stock valued at $30,640,286. Insiders own 12.70% of the company's stock.

Elastic Price Performance

ESTC stock traded down $1.27 during mid-day trading on Wednesday, reaching $89.92. 1,961,171 shares of the company's stock were exchanged, compared to its average volume of 1,760,792. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market cap of $9.56 billion, a price-to-earnings ratio of -112.40 and a beta of 1.04. Elastic N.V. has a 12-month low of $70.14 and a 12-month high of $118.84. The stock's 50 day moving average is $83.34 and its 200 day moving average is $86.65.

Wall Street Analyst Weigh In

ESTC has been the topic of several research analyst reports. Canaccord Genuity Group boosted their target price on Elastic from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 29th. DA Davidson initiated coverage on shares of Elastic in a research report on Friday, August 29th. They issued a "neutral" rating and a $105.00 target price for the company. KeyCorp assumed coverage on Elastic in a research report on Tuesday, June 10th. They issued a "sector weight" rating for the company. Jefferies Financial Group raised their price objective on shares of Elastic from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Piper Sandler increased their price target on shares of Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $120.00.

Elastic 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.