Elastic N.V. $ESTC Shares Acquired by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC increased its holdings in Elastic N.V. by 91.6%, acquiring an additional 6,721 shares to reach a total of 14,061 shares valued at approximately $1.18 million.
• Institutional investors own 97.03% of Elastic's stock, with significant increases in holdings observed from various hedge funds during the recent quarters.
• Analysts have a consensus rating of Moderate Buy for Elastic, with a consensus price target of $120.00, reflecting positive outlooks from multiple research reports.

Pallas Capital Advisors LLC boosted its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 91.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,061 shares of the company's stock after purchasing an additional 6,721 shares during the period. Pallas Capital Advisors LLC's holdings in Elastic were worth $1,186,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. raised its position in Elastic by 81.0% in the fourth quarter. Ameriprise Financial Inc. now owns 30,088 shares of the company's stock valued at $2,981,000 after purchasing an additional 13,466 shares during the period. Cetera Investment Advisers grew its position in Elastic by 13.3% in the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after acquiring an additional 843 shares in the last quarter. ProShare Advisors LLC acquired a new position in shares of Elastic during the fourth quarter worth $300,000. Royal Bank of Canada boosted its stake in shares of Elastic by 187.6% in the fourth quarter. Royal Bank of Canada now owns 205,302 shares of the company's stock valued at $20,341,000 after purchasing an additional 133,911 shares during the period. Finally, Vident Advisory LLC acquired a new stake in Elastic during the 4th quarter valued at $233,000. Hedge funds and other institutional investors own 97.03% of the company's stock.

Insider Transactions at Elastic

In related news, CTO Shay Banon sold 104,326 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.34, for a total value of $9,424,810.84. Following the completion of the transaction, the chief technology officer directly owned 4,363,780 shares of the company's stock, valued at $394,223,885.20. This represents a 2.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,622 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $1,768,334.64. Following the completion of the transaction, the chief executive officer directly owned 457,314 shares of the company's stock, valued at approximately $41,213,137.68. The trade was a 4.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,036 shares of company stock worth $31,080,886 in the last quarter. 12.70% of the stock is currently owned by corporate insiders.

Elastic Stock Performance

Shares of NYSE ESTC traded down $0.20 during mid-day trading on Monday, hitting $88.98. The company had a trading volume of 1,249,845 shares, compared to its average volume of 2,464,211. Elastic N.V. has a 12 month low of $70.14 and a 12 month high of $118.84. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of -111.22 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The firm's 50 day simple moving average is $83.82 and its two-hundred day simple moving average is $85.50.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Rosenblatt Securities restated a "buy" rating and set a $130.00 target price on shares of Elastic in a research note on Friday, August 29th. Canaccord Genuity Group increased their target price on Elastic from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Jefferies Financial Group lifted their price target on shares of Elastic from $110.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Wells Fargo & Company decreased their price objective on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Finally, KeyCorp began coverage on shares of Elastic in a research note on Tuesday, June 10th. They issued a "sector weight" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $120.00.

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.