Elastic N.V. (NYSE:ESTC) Shares Bought by Maxi Investments CY Ltd

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 holdings in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 375.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. ING Groep NV purchased a new stake in Elastic during the first quarter valued at approximately $1,399,000. PNC Financial Services Group Inc. lifted its position in Elastic by 24.8% during the first quarter. PNC Financial Services Group Inc. now owns 3,884 shares of the company's stock valued at $346,000 after acquiring an additional 773 shares during the last quarter. Baker Avenue Asset Management LP purchased a new position in shares of Elastic in the first quarter worth $5,173,000. Blueshift Asset Management LLC purchased a new position in shares of Elastic in the first quarter worth $280,000. Finally, US Bancorp DE raised its holdings in shares of Elastic by 108.4% in the first quarter. US Bancorp DE now owns 4,806 shares of the company's stock worth $428,000 after buying an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Price Performance

Shares of NYSE ESTC traded down $1.89 during trading on Friday, hitting $74.48. The company had a trading volume of 2,845,609 shares, compared to its average volume of 1,259,115. The stock has a fifty day simple moving average of $84.19 and a two-hundred day simple moving average of $91.46. Elastic N.V. has a fifty-two week low of $69.00 and a fifty-two week high of $118.84. The firm has a market capitalization of $7.86 billion, a price-to-earnings ratio of -70.93 and a beta of 1.07. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating 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 net margin of 7.29% and a negative return on equity of 4.46%. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 earnings per share. On average, research analysts expect that Elastic N.V. will post -0.77 earnings per share for the current year.

Analyst Ratings Changes

ESTC has been the subject of a number of research analyst reports. Barclays decreased their price target on shares of Elastic from $124.00 to $105.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Cantor Fitzgerald decreased their price target on shares of Elastic from $109.00 to $92.00 and set a "neutral" rating for the company in a report on Friday, May 30th. DA Davidson dropped their target price on Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Monness Crespi & Hardt upgraded 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. Finally, Morgan Stanley dropped their target price on Elastic from $140.00 to $120.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Eight analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $112.72.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 22,901 shares of the business'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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 5,117 shares of the business'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 $444,718.47. Following the transaction, the chief technology officer owned 4,560,291 shares in the company, valued at $396,334,890.81. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,913 shares of company stock valued at $4,416,324 in the last ninety days. 15.90% of the stock is currently owned by corporate 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.