Paloma Partners Management Co Buys New Holdings in Elastic N.V. $ESTC

Key Points

• Paloma Partners Management Co acquired a new stake in Elastic N.V. by purchasing 62,779 shares valued at approximately $5.6 million, which represents about 0.06% ownership in the company.
• Several institutional investors, including Signaturefd LLC and Smartleaf Asset Management LLC, significantly increased their stakes in Elastic during the first quarter, indicating growing interest in the company.
• Analysts have upgraded their target prices for Elastic, with Canaccord Genuity raising their target from $110 to $120 and Royal Bank of Canada from $106 to $125, showing strong market confidence in the company's growth prospects.

Paloma Partners Management Co acquired a new stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 62,779 shares of the company's stock, valued at approximately $5,594,000. Paloma Partners Management Co owned about 0.06% of Elastic at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in shares of Elastic in the fourth quarter valued at $26,000. Cloud Capital Management LLC purchased a new position in shares of Elastic in the first quarter valued at $25,000. Signaturefd LLC grew its holdings in shares of Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 117 shares in the last quarter. North Capital Inc. purchased a new position in shares of Elastic in the first quarter valued at $37,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Elastic by 53.7% in the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after purchasing an additional 152 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ESTC. Jefferies Financial Group boosted their price objective on shares of Elastic from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, August 29th. TD Securities cut their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. Cantor Fitzgerald reissued a "neutral" rating on shares of Elastic in a research report on Friday, August 29th. Morgan Stanley raised their price objective on shares of Elastic from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, Elastic has a consensus rating of "Moderate Buy" and a consensus target price of $120.00.

Insider Transactions at Elastic

In other news, insider Ken Exner sold 6,918 shares of the company'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 $601,243.38. Following the transaction, the insider owned 230,494 shares in the company, valued at $20,032,233.54. This represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Carolyn Herzog sold 5,702 shares of the company'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 $495,560.82. Following the transaction, the insider owned 93,985 shares in the company, valued at approximately $8,168,236.35. This trade represents a 5.72% decrease in their position. 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 over the last three months. 12.70% of the stock is currently owned by corporate insiders.

Elastic Trading Up 2.3%

Shares of NYSE:ESTC traded up $1.96 on Friday, hitting $86.67. 2,260,284 shares of the company's stock were exchanged, compared to its average volume of 2,311,115. Elastic N.V. has a 12 month low of $69.00 and a 12 month high of $118.84. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of -108.34 and a beta of 1.04. The business's 50 day simple moving average is $83.04 and its two-hundred day simple moving average is $87.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 1.92.

Elastic Company 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.