Wellington Management Group LLP Cuts Stake in Elastic (NYSE:ESTC)

Wellington Management Group LLP trimmed its holdings in shares of Elastic (NYSE:ESTC - Free Report) by 40.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,414 shares of the company's stock after selling 3,720 shares during the quarter. Wellington Management Group LLP's holdings in Elastic were worth $536,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new stake in shares of Elastic in the fourth quarter valued at about $25,000. Fourth Dimension Wealth LLC bought a new position in Elastic in the 4th quarter valued at $26,000. Venturi Wealth Management LLC boosted its position in Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock valued at $27,000 after buying an additional 238 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock valued at $28,000 after buying an additional 158 shares during the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Elastic by 1,065.2% during the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company's stock worth $53,000 after acquiring an additional 490 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Stock Performance

ESTC stock traded down $1.48 during mid-day trading on Wednesday, hitting $83.24. The company had a trading volume of 1,856,020 shares, compared to its average volume of 1,502,826. The firm has a market cap of $8.69 billion, a PE ratio of 151.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The stock's fifty day moving average price is $84.71 and its two-hundred day moving average price is $97.25.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same quarter in the previous year, the firm posted $0.21 earnings per share. The company's quarterly revenue was up 15.9% compared to the same quarter last year. On average, analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Shay Banon sold 5,117 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $444,718.47. Following the sale, the chief technology officer now owns 4,560,291 shares of the company's stock, valued at approximately $396,334,890.81. This represents a 0.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total transaction of $513,200.00. Following the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 53,413 shares of company stock valued at $4,720,774 over the last quarter. Company insiders own 15.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ESTC. Jefferies Financial Group reduced their price target on shares of Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Barclays lowered their price target on shares of Elastic from $124.00 to $105.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. UBS Group boosted their price objective on shares of Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Guggenheim decreased their price target on shares of Elastic from $136.00 to $107.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Wedbush cut their price objective on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $113.63.

About Elastic

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.