Exane Asset Management Reduces Stake in Elastic N.V. $ESTC

Key Points

• Exane Asset Management has significantly reduced its stake in Elastic N.V. by 73.3%, selling 27,280 shares, which brings its total ownership to approximately 9,914 shares worth $836,000.
• In contrast, other institutional investors, such as Massachusetts Financial Services and AQR Capital Management, have dramatically increased their stakes in Elastic, with percentage increases as high as 6,651.3% in the first quarter.
• Insider trading activity has been notable, with executive sales totaling $30.87 million in the last quarter, indicating potential shifts in confidence among company insiders.

Exane Asset Management cut its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 73.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,914 shares of the company's stock after selling 27,280 shares during the quarter. Elastic comprises approximately 0.4% of Exane Asset Management's investment portfolio, making the stock its 17th biggest position. Exane Asset Management's holdings in Elastic were worth $836,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its stake in Elastic by 5,437.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after purchasing an additional 2,246,808 shares during the period. AQR Capital Management LLC increased its holdings in shares of Elastic by 6,651.3% during the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock worth $122,978,000 after buying an additional 1,383,065 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Elastic by 1,450.8% during the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock valued at $78,448,000 after buying an additional 823,680 shares during the period. Shannon River Fund Management LLC purchased a new stake in shares of Elastic during the 1st quarter valued at approximately $31,981,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Elastic by 137.1% in the first quarter. Assenagon Asset Management S.A. now owns 604,519 shares of the company's stock valued at $53,863,000 after acquiring an additional 349,507 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Insiders Place Their Bets

In other news, CRO Mark Eugene Dodds sold 5,037 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $453,934.44. Following the sale, the executive directly owned 167,284 shares in the company, valued at approximately $15,075,634.08. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ken Exner sold 6,290 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $566,854.80. Following the transaction, the insider directly owned 233,582 shares of the company's stock, valued at $21,050,409.84. The trade was a 2.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 349,536 shares of company stock valued at $30,872,136. Corporate insiders own 12.70% of the company's stock.

Elastic Trading Up 0.9%

NYSE ESTC opened at $85.93 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market cap of $9.13 billion, a price-to-earnings ratio of -107.41 and a beta of 1.04. The firm has a 50 day simple moving average of $83.84 and a 200-day simple moving average of $85.26. Elastic N.V. has a one year low of $70.14 and a one year high of $118.84.

Analyst Upgrades and Downgrades

A number of research firms have commented on ESTC. Piper Sandler lifted their target price on Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Stifel Nicolaus upped their target price on shares of Elastic from $112.00 to $134.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Barclays increased their target price on shares of Elastic from $105.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Royal Bank Of Canada boosted their price target on shares of Elastic from $106.00 to $125.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, DA Davidson initiated coverage on shares of Elastic in a research report on Friday, August 29th. They set a "neutral" rating and a $105.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.00.

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.

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