Elastic N.V. $ESTC Stock: Pictet Asset Management Holding SA Decreases Holdings

Key Points

• Pictet Asset Management cut its Elastic stake by 10.5% in the third quarter, selling 610,911 shares; it retained 5.21 million shares, worth about $478 million.
• Elastic beat quarterly earnings and revenue estimates, with revenue up 15.2% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $98.56.
• Company insiders sold 4.59 million shares worth about $422.9 million over the past three months, including large sales by CTO Shay Banon and director Steven Schuurman.

Pictet Asset Management Holding SA decreased its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,213,475 shares of the company's stock after selling 610,911 shares during the period. Pictet Asset Management Holding SA owned 4.97% of Elastic worth $477,973,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Inscription Capital LLC bought a new stake in shares of Elastic in the third quarter valued at about $242,000. Chicago Partners Investment Group LLC boosted its stake in Elastic by 103.7% in the third quarter. Chicago Partners Investment Group LLC now owns 13,173 shares of the company's stock valued at $1,349,000 after buying an additional 6,705 shares in the last quarter. Covestor Ltd lifted its stake in Elastic by 202.9% in the 3rd quarter. Covestor Ltd now owns 942 shares of the company's stock valued at $86,000 after purchasing an additional 631 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Elastic during the 3rd quarter valued at $1,092,000. Finally, Vise Technologies Inc. bought a new stake in shares of Elastic during the third quarter worth about $262,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on ESTC. UBS Group lifted their target price on Elastic from $85.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Weiss Ratings upgraded Elastic from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, November 2nd. Oppenheimer upped their price target on Elastic from $100.00 to $118.00 and gave the stock an "outperform" rating in a research note on Friday, August 28th. Truist Financial increased their price target on Elastic from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Finally, Morgan Stanley boosted their price objective on Elastic from $66.00 to $75.00 and gave the company an "equal weight" rating in a report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.56.

Elastic Trading Up 2.1%

Shares of ESTC stock opened at $85.96 on Friday. The firm has a market cap of $9.03 billion, a P/E ratio of 24.08, a PEG ratio of 7.23 and a beta of 0.97. The company has a 50 day moving average of $92.84 and a 200-day moving average of $67.87. 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 N.V. has a 12-month low of $42.05 and a 12-month high of $108.00.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.12. The company had revenue of $478.11 million during the quarter, compared to the consensus estimate of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. 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.

Insider Activity

In other news, CTO Shay Banon sold 200,000 shares of the business's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $96.47, for a total transaction of $19,294,000.00. Following the completion of the transaction, the chief technology officer directly owned 1,854,978 shares in the company, valued at $178,949,727.66. The trade was a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Schuurman sold 2,000,000 shares of the business's stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $94.15, for a total value of $188,300,000.00. Following the transaction, the director owned 2,504,600 shares of the company's stock, valued at approximately $235,808,090. The trade was a 44.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 4,585,641 shares of company stock worth $422,851,366. 12.70% of the stock is owned by corporate insiders.

Elastic Profile

Elastic N.V. develops software for search, observability and security. Its products help organizations search and analyze data, monitor applications and infrastructure, and detect and respond to cybersecurity threats.

The company's offerings include the Elastic Stack—built around Elasticsearch and including Kibana, Logstash and Beats—as well as cloud-based services through Elastic Cloud. These tools can be used to work with data from a range of sources and support applications such as enterprise search, log analytics and security monitoring.

Founded in 2012, Elastic grew from the open-source Elasticsearch project, first released in 2010.

Want to see what other hedge funds are holding ESTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elastic N.V. (NYSE:ESTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.