Elastic N.V. $ESTC Stock Holdings Decreased by Smith Group Asset Management LLC

Key Points

• Smith Group Asset Management cut its Elastic stake by 85.8% in the third quarter, selling 28,750 shares and retaining 4,755 shares valued at approximately $436,000.
• Despite the reduction, other institutions increased their positions, and institutional investors collectively own 97.03% of Elastic. Analysts maintain a “Moderate Buy” consensus with an average target price of $98.56.
• Elastic exceeded quarterly expectations, reporting $0.70 in earnings per share and $478.11 million in revenue, up 15.2% year over year. Insider selling was also significant, including a director’s $188.3 million share sale.

Smith Group Asset Management LLC lowered its position in Elastic N.V. (NYSE:ESTC - Free Report) by 85.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,755 shares of the company's stock after selling 28,750 shares during the period. Smith Group Asset Management LLC's holdings in Elastic were worth $436,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP raised its holdings in Elastic by 516.1% during the first quarter. First Trust Advisors LP now owns 2,627,636 shares of the company's stock valued at $131,356,000 after acquiring an additional 2,201,140 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Elastic by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 905,241 shares of the company's stock valued at $51,617,000 after acquiring an additional 5,224 shares in the last quarter. Bank of Nova Scotia lifted its position in shares of Elastic by 78.8% in the first quarter. Bank of Nova Scotia now owns 752,434 shares of the company's stock valued at $37,614,000 after acquiring an additional 331,625 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Elastic in the second quarter worth about $41,889,000. Finally, Quantinno Capital Management LP boosted its stake in shares of Elastic by 13.9% in the first quarter. Quantinno Capital Management LP now owns 468,884 shares of the company's stock worth $23,440,000 after acquiring an additional 57,191 shares during the period. Institutional investors own 97.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ESTC. Bank of America increased their target price on Elastic from $90.00 to $108.00 and gave the stock a "neutral" rating in a research report on Friday, August 28th. Guggenheim boosted their price target on Elastic from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Scotiabank upped their price target on Elastic from $58.00 to $84.00 and gave the stock a "sector perform" rating in a research note on Friday, August 28th. Monness Crespi & Hardt upgraded Elastic from a "neutral" rating to a "buy" rating and set a $120.00 price target for the company in a research note on Friday, October 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Elastic from $70.00 to $87.00 and gave the company an "outperform" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.56.

Elastic Stock Down 3.0%

ESTC opened at $103.35 on Friday. The firm has a 50-day simple moving average of $92.03 and a two-hundred day simple moving average of $67.37. Elastic N.V. has a 52 week low of $42.05 and a 52 week high of $108.00. The company has a market capitalization of $10.85 billion, a PE ratio of 28.95, a price-to-earnings-growth ratio of 8.95 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 issued its quarterly earnings data on Thursday, August 27th. The company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.12. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%. The firm had revenue of $478.11 million during the quarter, compared to analyst estimates of $469.75 million. During the same quarter last year, the business posted $0.60 earnings per share. The business's quarterly revenue was up 15.2% compared to the same quarter last year. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. Analysts forecast that Elastic N.V. will post 0.65 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other news, Director Steven Schuurman sold 2,000,000 shares of the company's stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $94.15, for a total transaction of $188,300,000.00. Following the sale, the director directly owned 2,504,600 shares of the company's stock, valued at $235,808,090. This represents a 44.40% decrease in their position. 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 29,227 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The stock was 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 in the company, valued at $52,626,304.50. This trade represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 4,585,641 shares of company stock valued at $422,851,366. Insiders own 12.70% of the company's stock.

About Elastic

Elastic N.V. develops search-powered software and services for organizations worldwide. Its technology helps businesses search, analyze and act on structured and unstructured data across applications, websites, infrastructure and security environments. Elastic offers its products through cloud-based and self-managed deployment options.

The company's core platform, the Elastic Search AI Platform, is built around Elasticsearch and Kibana. Its offerings include Elastic Cloud, a managed cloud service, as well as solutions for enterprise search, observability and security.

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