Mirae Asset Global Investments Co. Ltd. Makes New Investment in Elastic N.V. $ESTC

Key Points

• Mirae Asset Global Investments opened a position in Elastic during the third quarter, buying 11,904 shares valued at approximately $1.09 million. Institutional investors collectively own about 97% of the company’s stock.
• Elastic beat quarterly expectations, reporting adjusted earnings of $0.70 per share versus analysts’ $0.58 estimate and revenue of $478.1 million, up 15.2% year over year.
• Insiders sold 4.59 million shares worth about $422.9 million over the past 90 days. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $98.56.

Mirae Asset Global Investments Co. Ltd. bought a new position in Elastic N.V. (NYSE:ESTC - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,904 shares of the company's stock, valued at approximately $1,092,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Trust Advisors LP grew its holdings in shares of Elastic by 516.1% in the first quarter. First Trust Advisors LP now owns 2,627,636 shares of the company's stock worth $131,356,000 after purchasing an additional 2,201,140 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Elastic by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 905,241 shares of the company's stock valued at $51,617,000 after buying an additional 5,224 shares in the last quarter. Wellington Management Group LLP bought a new stake in Elastic during the 2nd quarter valued at about $41,889,000. Bank of Nova Scotia lifted its holdings in Elastic by 78.8% during the 1st quarter. Bank of Nova Scotia now owns 752,434 shares of the company's stock valued at $37,614,000 after buying an additional 331,625 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Elastic by 13.9% in the 1st quarter. Quantinno Capital Management LP now owns 468,884 shares of the company's stock valued at $23,440,000 after buying an additional 57,191 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 29,227 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $87.78, for a total value of $2,565,546.06. Following the completion of the sale, the chief executive officer directly owned 599,525 shares in the company, valued at $52,626,304.50. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Shay Banon sold 200,000 shares of the company's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $96.47, for a total value of $19,294,000.00. Following the transaction, the chief technology officer directly owned 1,854,978 shares in the company, valued at approximately $178,949,727.66. The trade was a 9.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,585,641 shares of company stock worth $422,851,366 in the last 90 days. 12.70% of the stock is owned by corporate insiders.

Elastic Stock Performance

Shares of ESTC stock opened at $85.96 on Monday. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 7.23 and a beta of 0.97. Elastic N.V. has a 52-week low of $42.05 and a 52-week high of $108.00. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.44. The company's 50 day moving average is $92.84 and its 200 day moving average is $67.87.

Elastic (NYSE:ESTC - Get Free Report) last posted its earnings results on Thursday, August 27th. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.12. The company had revenue of $478.11 million during the quarter, compared to analyst estimates of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%. Elastic's revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 earnings per share. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. On average, sell-side analysts anticipate that Elastic N.V. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ESTC. Citigroup upped their target price on shares of Elastic from $104.00 to $128.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Morgan Stanley lifted their price target on shares of Elastic from $66.00 to $75.00 and gave the company an "equal weight" rating in a research note on Friday, August 28th. Monness Crespi & Hardt raised shares of Elastic from a "neutral" rating to a "buy" rating and set a $120.00 price target for the company in a research note on Friday, October 9th. Zacks Research upgraded Elastic from a "hold" rating to a "strong-buy" rating in a report on Friday, August 28th. Finally, JPMorgan Chase & Co. increased their price objective on Elastic from $93.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, Elastic has a consensus rating of "Moderate Buy" and a consensus price target of $98.56.

Elastic Company Profile

Elastic N.V. develops software for search, observability and security. Its products help organizations search and analyze data, monitor applications and infrastructure, and detect and respond to cybersecurity threats.

The company's offerings include the Elastic Stack—built around Elasticsearch and including Kibana, Logstash and Beats—as well as cloud-based services through Elastic Cloud. These tools can be used to work with data from a range of sources and support applications such as enterprise search, log analytics and security monitoring.

Founded in 2012, Elastic grew from the open-source Elasticsearch project, first released in 2010.

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