Maxi Investments CY Ltd Increases Stock Position in Elastic N.V. (NYSE:ESTC)

Key Points

• Maxi Investments CY Ltd significantly increased its stake in Elastic N.V. by 375.8%, owning 14,275 shares worth $1,272,000 after acquiring 11,275 additional shares in the 1st quarter.
• Several institutional investors, such as Sylebra Capital LLC and Massachusetts Financial Services Co., also made substantial increases in their positions, contributing to 97.03% of the stock being held by institutional investors.
• Elastic reported a 15.9% increase in revenue compared to the previous year, with earnings per share exceeding analyst estimates by $0.10, a noteworthy performance amidst mixed analyst ratings and target price adjustments.

Maxi Investments CY Ltd increased its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 375.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,275 shares of the company's stock after purchasing an additional 11,275 shares during the period. Maxi Investments CY Ltd's holdings in Elastic were worth $1,272,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Elastic by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company's stock worth $44,980,000 after purchasing an additional 22,005 shares during the last quarter. Cetera Investment Advisers boosted its position in Elastic by 13.3% during the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after acquiring an additional 843 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Elastic during the 1st quarter valued at about $205,000. Teacher Retirement System of Texas raised its holdings in 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 acquiring an additional 3,813 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in 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 acquiring an additional 48,660 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ESTC shares. Wells Fargo & Company dropped their price target on Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Cantor Fitzgerald dropped their target price on Elastic from $109.00 to $92.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Barclays cut their target price on Elastic from $124.00 to $105.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Morgan Stanley lowered their price target on shares of Elastic from $140.00 to $120.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler cut their price objective on shares of Elastic from $135.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Eight investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.72.

Elastic Stock Up 0.6%

Shares of ESTC traded up $0.49 during midday trading on Wednesday, reaching $80.58. The stock had a trading volume of 2,407,333 shares, compared to its average volume of 1,208,566. The company has a market cap of $8.50 billion, a price-to-earnings ratio of -76.74 and a beta of 1.07. The company's fifty day simple moving average is $84.64 and its two-hundred day simple moving average is $91.80. Elastic N.V. has a 1-year low of $69.00 and a 1-year high of $118.84. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.92 and a quick ratio of 1.92.

Elastic (NYSE:ESTC - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share 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% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. Equities research analysts expect that Elastic N.V. will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 22,901 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 $1,990,325.91. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 5,702 shares of Elastic stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $495,560.82. Following the sale, the insider owned 93,985 shares in the company, valued at $8,168,236.35. This trade represents a 5.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is currently owned by company insiders.

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.