Elastic N.V. $ESTC Shares Acquired by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC increased its stake in Elastic N.V. by 22.8% during Q2, owning a total of 35,725 shares valued at approximately $3 million.
• Multiple analysts have recently adjusted their target prices for Elastic N.V., with Stifel Nicolaus raising it to $134.00 and Canaccord Genuity increasing it to $120.00, reflecting positive sentiment towards the company's stock.
• Insider sales were noted, with CEO Ashutosh Kulkarni selling 19,622 shares and CTO Shay Banon selling 104,326 shares, indicating a decrease in their ownership positions.

Exchange Traded Concepts LLC increased its position in Elastic N.V. (NYSE:ESTC - Free Report) by 22.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,725 shares of the company's stock after purchasing an additional 6,630 shares during the quarter. Exchange Traded Concepts LLC's holdings in Elastic were worth $3,013,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ESTC. Cloud Capital Management LLC bought a new position in Elastic in the first quarter worth approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in Elastic during the 4th quarter valued at $26,000. Signaturefd LLC boosted its position in Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after acquiring an additional 117 shares in the last quarter. North Capital Inc. bought a new stake in Elastic during the 1st quarter valued at $37,000. Finally, Smartleaf Asset Management LLC boosted its position in Elastic by 53.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after acquiring an additional 152 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

Wall Street Analyst Weigh In

ESTC has been the topic of several recent research reports. Zacks Research cut Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. KeyCorp initiated coverage on Elastic in a research report on Tuesday, June 10th. They set a "sector weight" rating on the stock. Piper Sandler increased 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. Cowen reaffirmed a "hold" rating on shares of Elastic in a research report on Friday, August 29th. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Elastic in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Elastic presently has an average rating of "Moderate Buy" and an average price target of $120.00.

Elastic Stock Performance

ESTC traded down $2.64 on Tuesday, reaching $86.42. 608,209 shares of the stock were exchanged, compared to its average volume of 1,749,511. The company's 50-day moving average price is $83.82 and its 200 day moving average price is $85.50. Elastic N.V. has a fifty-two week low of $70.14 and a fifty-two week high of $118.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market capitalization of $9.18 billion, a PE ratio of -108.02 and a beta of 1.04.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 5,143 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the completion of the transaction, the insider owned 94,677 shares of the company's stock, valued at $8,532,291.24. The trade was a 5.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ken Exner sold 6,290 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $566,854.80. Following the completion of the transaction, the insider directly owned 233,582 shares of the company's stock, valued at approximately $21,050,409.84. This trade represents a 2.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 349,536 shares of company stock worth $30,872,136. 12.70% of the stock is currently owned by company insiders.

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.