Clearline Capital LP Decreases Holdings in Elastic N.V. $ESTC

Key Points

• Clearline Capital LP reduced its stake in Elastic N.V. by 71%, selling 31,494 shares and now holding 12,894 shares worth $1.15 million as per their latest SEC filing.
• Institutional investors now own 97.03% of Elastic's stock, with significant increases from entities like Massachusetts Financial Services Co. and AQR Capital Management, which raised their stakes substantially.
• Analysts have been generally optimistic, with firms like Stifel Nicolaus and Mizuho raising their price targets for Elastic significantly; the consensus rating is Moderate Buy with a target price of $120.00.

Clearline Capital LP reduced its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 71.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,894 shares of the company's stock after selling 31,494 shares during the period. Clearline Capital LP's holdings in Elastic were worth $1,149,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Signaturefd LLC lifted its position in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after acquiring an additional 117 shares during the last quarter. Parallel Advisors LLC lifted its position in Elastic by 4.5% during the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock valued at $303,000 after acquiring an additional 145 shares during the last quarter. Y.D. More Investments Ltd lifted its position in Elastic by 0.5% during the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company's stock valued at $2,756,000 after acquiring an additional 145 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Elastic by 53.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after purchasing an additional 152 shares in the last quarter. Finally, WCM Investment Management LLC increased its stake in Elastic by 0.7% during the 1st quarter. WCM Investment Management LLC now owns 23,811 shares of the company's stock valued at $2,183,000 after purchasing an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Oppenheimer restated an "outperform" rating on shares of Elastic in a research note on Friday, August 29th. Zacks Research lowered shares of Elastic from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Monness Crespi & Hardt upped their price target on shares of Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Cowen restated a "hold" rating on shares of Elastic in a research note on Friday, August 29th. Finally, Wedbush cut their price target on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Elastic has an average rating of "Moderate Buy" and an average price target of $120.00.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $1.45 during midday trading on Friday, reaching $87.61. The company's stock had a trading volume of 2,100,983 shares, compared to its average volume of 2,427,491. The firm has a market capitalization of $9.31 billion, a PE ratio of -109.51 and a beta of 1.04. Elastic N.V. has a twelve month low of $70.14 and a twelve month high of $118.84. The stock has a fifty day moving average of $83.49 and a 200 day moving average of $86.46. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59.

Insider Transactions at Elastic

In other news, insider Carolyn Herzog sold 5,143 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $463,487.16. Following the sale, the insider owned 94,677 shares in the company, valued at $8,532,291.24. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Navam Welihinda sold 3,489 shares of the firm's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $314,428.68. Following the sale, the chief financial officer owned 130,436 shares in the company, valued at approximately $11,754,892.32. This represents a 2.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 347,036 shares of company stock valued at $30,640,286. 12.70% of the stock is owned by corporate insiders.

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.