First Trust Advisors LP Purchases 2,201,140 Shares of Elastic N.V. $ESTC

Key Points

• First Trust Advisors LP dramatically boosted its stake in Elastic N.V. during the first quarter, increasing holdings by 516.1% to 2.63 million shares worth about $131.4 million. The position now represents roughly 2.54% of the company.
• Several company insiders sold shares recently, including CAO Jane E. Bone and CTO Shay Banon, with the sales attributed to tax withholding obligations tied to equity awards. Insiders have sold 110,099 shares over the last 90 days.
• Analysts remain generally constructive on Elastic, with a Moderate Buy consensus and a price target of $78.78, though multiple firms recently cut their targets. The stock was down 2.3% to $57.34, and Elastic’s latest earnings beat estimates with revenue up 16% year over year.

First Trust Advisors LP raised its holdings in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 516.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,627,636 shares of the company's stock after purchasing an additional 2,201,140 shares during the quarter. First Trust Advisors LP owned approximately 2.54% of Elastic worth $131,356,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Orion Porfolio Solutions LLC lifted its stake in shares of Elastic by 1.4% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,593 shares of the company's stock valued at $726,000 after buying an additional 118 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Elastic by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company's stock valued at $98,000 after buying an additional 171 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Elastic by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,323 shares of the company's stock valued at $2,393,000 after buying an additional 175 shares in the last quarter. California State Teachers Retirement System raised its holdings in Elastic by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 83,403 shares of the company's stock valued at $7,033,000 after acquiring an additional 219 shares during the period. Finally, Fred Alger Management LLC raised its holdings in Elastic by 11.6% during the 3rd quarter. Fred Alger Management LLC now owns 3,347 shares of the company's stock valued at $283,000 after acquiring an additional 347 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

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Insider Buying and Selling

In related news, CAO Jane E. Bone sold 1,104 shares of Elastic stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $66,913.44. Following the transaction, the chief accounting officer directly owned 53,415 shares of the company's stock, valued at $3,237,483.15. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Shay Banon sold 9,288 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $562,945.68. Following the sale, the chief technology officer owned 4,417,140 shares of the company's stock, valued at $267,722,855.40. This represents a 0.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 110,099 shares of company stock worth $6,673,100 in the last 90 days. 12.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ESTC has been the topic of a number of recent analyst reports. Rosenblatt Securities lowered their price target on shares of Elastic from $90.00 to $83.00 and set a "buy" rating on the stock in a report on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of Elastic from $99.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $59.00 target price on shares of Elastic in a report on Thursday, June 25th. Canaccord Genuity Group lowered their target price on shares of Elastic from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 29th. Finally, The Goldman Sachs Group initiated coverage on shares of Elastic in a report on Tuesday, April 21st. They issued a "neutral" rating and a $50.00 price target for the company. Seventeen investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.78.

Elastic Trading Down 2.3%

ESTC stock opened at $57.34 on Friday. The company has a market capitalization of $5.96 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 15.28 and a beta of 1.00. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.68 and a current ratio of 1.68. Elastic N.V. has a one year low of $42.05 and a one year high of $96.07. The company's 50 day moving average price is $59.23 and its two-hundred day moving average price is $57.90.

Elastic (NYSE:ESTC - Get Free Report) last released its earnings results on Thursday, May 28th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Elastic had a net margin of 21.14% and a negative return on equity of 1.82%. The company had revenue of $450.68 million for the quarter, compared to analyst estimates of $446.66 million. During the same quarter last year, the firm earned $0.47 EPS. The firm's quarterly revenue was up 16.0% compared to the same quarter last year. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, analysts predict that Elastic N.V. will post 0.23 earnings per share for the current fiscal year.

Elastic Profile

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.

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