Pallas Capital Advisors LLC Acquires New Position in Elastic (NYSE:ESTC)

Pallas Capital Advisors LLC purchased a new position in Elastic (NYSE:ESTC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,340 shares of the company's stock, valued at approximately $654,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company's stock valued at $926,607,000 after acquiring an additional 168,483 shares during the last quarter. Sylebra Capital LLC grew its stake in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company's stock worth $339,820,000 after acquiring an additional 462,974 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Elastic by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock valued at $142,663,000 after purchasing an additional 45,076 shares during the period. Finally, Norges Bank purchased a new stake in shares of Elastic in the fourth quarter valued at approximately $102,485,000. Hedge funds and other institutional investors own 97.03% of the company's stock.

Analyst Upgrades and Downgrades

ESTC has been the subject of several research reports. Truist Financial lowered their target price on Elastic from $145.00 to $140.00 and set a "buy" rating for the company in a report on Monday, March 31st. Canaccord Genuity Group decreased their price objective on Elastic from $135.00 to $110.00 and set a "buy" rating for the company in a report on Monday, June 2nd. TD Securities lowered their price objective on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Cantor Fitzgerald cut their target price on shares of Elastic from $109.00 to $92.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elastic currently has an average rating of "Moderate Buy" and an average target price of $113.63.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of the business's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 5,702 shares of Elastic stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $495,560.82. Following the completion of the transaction, the insider now directly owns 93,985 shares of the company's stock, valued at $8,168,236.35. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 53,413 shares of company stock valued at $4,720,774 in the last quarter. 15.90% of the stock is currently owned by company insiders.

Elastic Stock Performance

Shares of ESTC stock traded down $3.03 during mid-day trading on Friday, reaching $80.23. The stock had a trading volume of 1,136,284 shares, compared to its average volume of 1,500,213. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96. The firm has a market cap of $8.38 billion, a price-to-earnings ratio of 145.97 and a beta of 1.07. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The business's fifty day moving average is $84.89 and its 200-day moving average is $97.05.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Elastic's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $0.21 EPS. On average, research analysts forecast that Elastic will post -0.77 earnings per share for the current year.

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.