Geode Capital Management LLC Grows Holdings in Elastic N.V. $ESTC

Key Points

• Geode Capital Management raised its stake in Elastic by 2.9% in the fourth quarter, adding 49,198 shares to bring its total holdings to 1.72 million shares valued at about $130.1 million.
• Several other institutional investors also adjusted positions in Elastic, and 97.03% of the stock is owned by hedge funds and other institutions.
• Elastic reported better-than-expected quarterly results, with EPS of $0.61 versus estimates of $0.56 and revenue of $450.68 million, while analysts currently rate the stock a Moderate Buy with an average price target of $80.04.

Geode Capital Management LLC increased its position in Elastic N.V. (NYSE:ESTC - Free Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,724,508 shares of the company's stock after acquiring an additional 49,198 shares during the quarter. Geode Capital Management LLC owned about 1.64% of Elastic worth $130,124,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sound Income Strategies LLC purchased a new stake in Elastic in the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. purchased a new stake in Elastic in the 2nd quarter worth approximately $31,000. Activest Wealth Management increased its holdings in Elastic by 3,181.3% in the 4th quarter. Activest Wealth Management now owns 525 shares of the company's stock worth $40,000 after acquiring an additional 509 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Elastic by 75.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 662 shares of the company's stock worth $58,000 after acquiring an additional 285 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Elastic by 1,347.1% in the 3rd quarter. Larson Financial Group LLC now owns 738 shares of the company's stock worth $62,000 after acquiring an additional 687 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ESTC shares. Canaccord Genuity Group cut their price objective on shares of Elastic from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 29th. Citigroup increased their price objective on shares of Elastic from $95.00 to $104.00 and gave the company a "buy" rating in a report on Friday, May 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 price objective on shares of Elastic in a report on Tuesday, May 26th. Piper Sandler cut their price objective on shares of Elastic from $110.00 to $85.00 and set an "overweight" rating for the company in a report on Friday, February 27th. Finally, Truist Financial cut their price objective on shares of Elastic from $105.00 to $80.00 and set a "buy" rating for the company in a report on Friday, February 27th. Eighteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $80.04.

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 3,989 shares of the firm's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $52.28, for a total value of $208,544.92. Following the completion of the sale, the insider directly owned 85,335 shares in the company, valued at $4,461,313.80. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Mark Eugene Dodds sold 3,723 shares of the firm's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $52.28, for a total value of $194,638.44. Following the completion of the sale, the executive owned 152,563 shares of the company's stock, valued at approximately $7,975,993.64. This represents a 2.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 38,188 shares of company stock valued at $1,996,469 over the last 90 days. 12.70% of the stock is currently owned by insiders.

Elastic Stock Up 2.0%

NYSE ESTC opened at $65.36 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.82 and a current ratio of 1.82. The company has a market capitalization of $6.76 billion, a P/E ratio of 18.67, a P/E/G ratio of 50.35 and a beta of 1.00. Elastic N.V. has a one year low of $42.05 and a one year high of $96.07. The stock has a 50 day moving average price of $51.46 and a 200-day moving average price of $61.89.

Elastic (NYSE:ESTC - Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. The firm had revenue of $450.68 million during the quarter, compared to the consensus estimate of $446.66 million. Elastic had a negative return on equity of 2.02% and a net margin of 21.14%.The company's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. 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, equities analysts predict that Elastic N.V. will post 0.06 EPS 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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