Jackson Square Partners LLC Raises Position in Elastic N.V. (NYSE:ESTC)

Key Points

• Jackson Square Partners LLC increased its stake in Elastic N.V. by 12.5% in the first quarter, now owning 221,955 shares valued at approximately $19.78 million.
• Insiders, including CEO Ashutosh Kulkarni, sold 29,819 shares of Elastic on June 9, with total sales exceeding $2.5 million.
• Elastic's stock recently reported a quarterly revenue growth of 15.9%, beating analyst estimates, and has a current price target consensus of $112.72 among analysts.

Jackson Square Partners LLC lifted its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 12.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,955 shares of the company's stock after purchasing an additional 24,697 shares during the period. Elastic accounts for approximately 2.7% of Jackson Square Partners LLC's holdings, making the stock its 19th largest position. Jackson Square Partners LLC owned about 0.21% of Elastic worth $19,776,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cloud Capital Management LLC bought a new position in shares of Elastic during the 1st quarter valued at approximately $25,000. Fourth Dimension Wealth LLC purchased a new stake in Elastic during the 4th quarter valued at approximately $26,000. Signaturefd LLC boosted its holdings in shares of Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 117 shares during the last quarter. North Capital Inc. bought a new position in Elastic during the first quarter valued at approximately $37,000. Finally, GAMMA Investing LLC grew its holdings in shares of Elastic by 134.6% in the first quarter. GAMMA Investing LLC now owns 570 shares of the company's stock valued at $51,000 after purchasing an additional 327 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Elastic news, insider Ken Exner sold 6,918 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the transaction, the insider owned 230,494 shares in the company, valued at approximately $20,032,233.54. This represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 22,901 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value 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. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock valued at $4,416,324 in the last ninety days. Company insiders own 15.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Rosenblatt Securities dropped their target price on Elastic from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, May 30th. JPMorgan Chase & Co. dropped their price target on Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. DA Davidson dropped their price objective on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Piper Sandler reduced their target price on shares of Elastic from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Finally, Wedbush decreased their price objective on Elastic from $135.00 to $110.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $112.72.

Elastic Stock Up 0.6%

Elastic stock opened at $80.58 on Thursday. The business's 50-day moving average price is $84.64 and its 200 day moving average price is $91.80. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of -76.74 and a beta of 1.07. Elastic N.V. has a 52 week low of $69.00 and a 52 week high of $118.84.

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

Elastic 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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