Magnetar Financial LLC Has $2.24 Million Stake in Elastic N.V. $ESTC

Key Points

• Magnetar Financial LLC increased its stake in Elastic N.V. by 211.2% during Q1, now holding 25,170 shares valued at approximately $2.24 million.
• Several analysts upgraded their ratings on Elastic, with target prices raised to as high as $150, while maintaining a consensus rating of "Moderate Buy".
• Insider trading activity included sales from the CRO and CTO, with a total of 50,913 shares sold in the last quarter, representing 15.90% of insider ownership.

Magnetar Financial LLC raised its position in Elastic N.V. (NYSE:ESTC - Free Report) by 211.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,170 shares of the company's stock after acquiring an additional 17,081 shares during the period. Magnetar Financial LLC's holdings in Elastic were worth $2,243,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in Elastic by 4.6% in the 1st quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company's stock valued at $44,980,000 after acquiring an additional 22,005 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after purchasing an additional 843 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Elastic in the 1st quarter valued at approximately $205,000. Teacher Retirement System of Texas grew its stake in shares of Elastic by 26.6% in the 1st quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company's stock valued at $1,615,000 after purchasing an additional 3,813 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Elastic by 666.7% in the 1st quarter. Principal Financial Group Inc. now owns 55,959 shares of the company's stock valued at $4,986,000 after purchasing an additional 48,660 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ESTC shares. Monness Crespi & Hardt upped their price objective on Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Cantor Fitzgerald restated a "neutral" rating on shares of Elastic in a research report on Friday, August 29th. JPMorgan Chase & Co. decreased 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. Oppenheimer restated an "outperform" rating on shares of Elastic in a research report on Friday, August 29th. Finally, UBS Group increased their price target on Elastic from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.00.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 22,901 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $1,990,325.91. Following the sale, the chief executive officer owned 454,841 shares of the company's stock, valued at approximately $39,530,231.31. This trade represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ken Exner sold 6,918 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $601,243.38. Following the sale, the insider directly owned 230,494 shares in the company, valued at $20,032,233.54. The trade was a 2.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,913 shares of company stock worth $4,416,324 over the last three months. Insiders own 12.70% of the company's stock.

Elastic Trading Down 2.9%

Shares of NYSE:ESTC traded down $2.52 during midday trading on Thursday, hitting $83.78. The company had a trading volume of 473,041 shares, compared to its average volume of 1,732,975. Elastic N.V. has a 12 month low of $69.00 and a 12 month high of $118.84. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of -104.80 and a beta of 1.04. The firm has a fifty day simple moving average of $82.91 and a 200 day simple moving average of $87.44.

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.