Harvest Fund Management Co. Ltd Makes New $291,000 Investment in Elastic N.V. (NYSE:ESTC)

Key Points

• Harvest Fund Management Co. Ltd has invested approximately $291,000 in Elastic N.V. by acquiring 3,269 shares of the company in the 1st quarter.
• Elastic reported a 15.9% year-over-year increase in revenue, reaching $388.43 million for its latest quarter, with earnings per share (EPS) of $0.47 that exceeded analyst estimates.
• Insiders at Elastic have recently sold over 50,000 shares of the company's stock, totaling approximately $4.4 million in the last ninety days, which has led to a decrease in their holdings.

Harvest Fund Management Co. Ltd bought a new position in Elastic N.V. (NYSE:ESTC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,269 shares of the company's stock, valued at approximately $291,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Fiera Capital Corp increased its stake in Elastic by 56.4% in the 1st quarter. Fiera Capital Corp now owns 308,036 shares of the company's stock worth $27,446,000 after buying an additional 111,052 shares during the period. Picton Mahoney Asset Management increased its position in Elastic by 10.5% during the 1st quarter. Picton Mahoney Asset Management now owns 53,577 shares of the company's stock valued at $4,773,000 after purchasing an additional 5,077 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Elastic by 1.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,446 shares of the company's stock valued at $3,515,000 after purchasing an additional 491 shares during the period. Assetmark Inc. increased its position in Elastic by 66.6% during the 1st quarter. Assetmark Inc. now owns 13,721 shares of the company's stock valued at $1,223,000 after purchasing an additional 5,487 shares during the period. Finally, Cetera Investment Advisers increased its position in Elastic by 10.1% during the 1st quarter. Cetera Investment Advisers now owns 7,929 shares of the company's stock valued at $706,000 after purchasing an additional 726 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Stock Performance

Shares of ESTC stock traded down $4.07 during trading hours on Friday, hitting $79.63. The company's stock had a trading volume of 1,221,653 shares, compared to its average volume of 1,137,408. The company has a 50 day moving average of $85.37 and a 200 day moving average of $92.16. The stock has a market cap of $8.40 billion, a PE ratio of -75.84 and a beta of 1.07. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. Elastic N.V. has a 12-month low of $69.00 and a 12-month high of $118.84.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. The firm had revenue of $388.43 million for the quarter, compared to the consensus estimate of $380.61 million. During the same period in the prior year, the firm posted $0.21 earnings per share. The firm's quarterly revenue was up 15.9% compared to the same quarter last year. On average, sell-side analysts forecast that Elastic N.V. will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 22,901 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $1,990,325.91. Following the completion of the sale, the chief executive officer directly owned 454,841 shares in the company, valued at approximately $39,530,231.31. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ken Exner sold 6,918 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the sale, the insider owned 230,494 shares of the company's stock, valued at approximately $20,032,233.54. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,913 shares of company stock valued at $4,416,324. Insiders own 15.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on ESTC shares. Canaccord Genuity Group cut their target price on shares of Elastic from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Monness Crespi & Hardt raised shares of Elastic from a "neutral" rating to a "buy" rating and set a $111.00 target price on the stock in a research report on Friday, June 27th. Robert W. Baird cut their target price on shares of Elastic from $125.00 to $115.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Oppenheimer cut their target price on shares of Elastic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Monday, July 21st. Finally, Stifel Nicolaus lowered their price target on shares of Elastic from $140.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Eight analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $112.72.

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.