Elastic N.V. $ESTC Shares Purchased by Ardmore Road Asset Management LP

Key Points

• Ardmore Road Asset Management LP increased its holdings in Elastic N.V. by 40%, acquiring an additional 60,000 shares to total 210,000 shares, making it the firm's 24th biggest position.
• Multiple institutional investors have raised their stakes in Elastic, with 97.03% of the company's stock now owned by such investors, indicating strong institutional interest.
• Brokerages have recently boosted their price targets for Elastic, with Canaccord Genuity raising it to $120.00 and Jefferies to $125.00, reflecting a positive outlook on the stock.

Ardmore Road Asset Management LP increased its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 40.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 210,000 shares of the company's stock after purchasing an additional 60,000 shares during the period. Elastic makes up approximately 1.9% of Ardmore Road Asset Management LP's portfolio, making the stock its 24th largest position. Ardmore Road Asset Management LP owned about 0.20% of Elastic worth $18,711,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ESTC. Cloud Capital Management LLC purchased a new position in Elastic during the first quarter worth about $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic during the fourth quarter worth about $26,000. Signaturefd LLC raised its holdings in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares in the last quarter. North Capital Inc. purchased a new position in Elastic during the first quarter worth about $37,000. Finally, Smartleaf Asset Management LLC raised its holdings in Elastic by 53.7% during the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock worth $40,000 after purchasing an additional 152 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 5,702 shares of the 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 $495,560.82. Following the sale, the insider directly owned 93,985 shares in the company, valued at $8,168,236.35. This represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Shay Banon sold 5,117 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 $444,718.47. Following the sale, the chief technology officer owned 4,560,291 shares in the company, valued at approximately $396,334,890.81. This trade represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,913 shares of company stock valued at $4,416,324. Corporate insiders own 12.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ESTC. Stifel Nicolaus increased their price target on shares of Elastic from $112.00 to $134.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Cowen reaffirmed a "hold" rating on shares of Elastic in a report on Friday, August 29th. KeyCorp assumed coverage on shares of Elastic in a report on Tuesday, June 10th. They issued a "sector weight" rating for the company. Morgan Stanley increased their target price on shares of Elastic from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Finally, Robert W. Baird increased their target price on shares of Elastic from $105.00 to $120.00 and gave the company an "outperform" rating in a report on Friday, August 29th. One 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $120.00.

Elastic Price Performance

Shares of ESTC stock traded down $2.39 during trading hours on Thursday, hitting $83.90. The company's stock had a trading volume of 527,528 shares, compared to its average volume of 1,733,165. The business has a fifty day moving average of $82.91 and a 200-day moving average of $87.44. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of -105.23 and a beta of 1.04. Elastic N.V. has a twelve month low of $69.00 and a twelve month high of $118.84. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61.

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.