Victory Capital Management Inc. Purchases 7,552 Shares of Elastic N.V. (NYSE:ESTC)

Key Points

• Victory Capital Management Inc. increased its stake in Elastic N.V. by 71.0% during the first quarter, owning 18,189 shares valued at approximately $1.62 million.
• Insider trading activity revealed that CEO Ashutosh Kulkarni sold 22,901 shares for nearly $2 million, resulting in a 4.79% decrease in his total ownership.
• Analysts have mixed ratings for Elastic, with eight giving a hold rating while others have set a price target range between $75.00 and $150.00, indicating varying perceptions of the company's potential growth.

Victory Capital Management Inc. raised its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 71.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,189 shares of the company's stock after acquiring an additional 7,552 shares during the quarter. Victory Capital Management Inc.'s holdings in Elastic were worth $1,621,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Signaturefd LLC raised its holdings in Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares during the last quarter. Parallel Advisors LLC raised its holdings in Elastic by 4.5% during the 1st quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after purchasing an additional 145 shares during the last quarter. WCM Investment Management LLC raised its holdings in Elastic by 0.7% during the 1st quarter. WCM Investment Management LLC now owns 23,811 shares of the company's stock worth $2,183,000 after purchasing an additional 169 shares during the last quarter. Resolute Advisors LLC grew its position in shares of Elastic by 7.1% during the 4th quarter. Resolute Advisors LLC now owns 3,255 shares of the company's stock worth $323,000 after buying an additional 217 shares during the period. Finally, Guggenheim Capital LLC grew its position in shares of Elastic by 3.3% during the 4th quarter. Guggenheim Capital LLC now owns 7,278 shares of the company's stock worth $721,000 after buying an additional 230 shares during the period. 97.03% of the stock is owned by institutional investors.

Elastic Stock Down 4.9%

Shares of NYSE ESTC traded down $4.07 during trading hours on Friday, hitting $79.63. The company had a trading volume of 1,221,653 shares, compared to its average volume of 1,137,408. Elastic N.V. has a 1-year low of $69.00 and a 1-year high of $118.84. The firm's 50 day moving average is $85.37 and its 200-day moving average is $92.20. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $8.40 billion, a P/E ratio of -75.84 and a beta of 1.07.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.10. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%. The business had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. During the same quarter in the prior year, the business earned $0.21 EPS. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. On average, analysts expect that Elastic N.V. will post -0.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ESTC shares. Morgan Stanley decreased their target price on Elastic from $140.00 to $120.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Royal Bank Of Canada decreased their price objective on Elastic from $119.00 to $115.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. TD Securities decreased their price objective on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research report on Wednesday, May 21st. Rosenblatt Securities decreased their price objective on Elastic from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Finally, Robert W. Baird decreased their price objective on Elastic from $125.00 to $115.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $112.72.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 5,117 shares of the stock in a transaction 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 transaction, the chief technology officer owned 4,560,291 shares in the company, valued at $396,334,890.81. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Mark Eugene Dodds sold 2,500 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $83.50, for a total value of $208,750.00. Following the transaction, the executive owned 172,321 shares in the company, valued at $14,388,803.50. The trade was a 1.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock worth $4,416,324 in the last quarter. Company insiders own 15.90% of the company's stock.

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.