Panagora Asset Management Inc. Acquires 209,974 Shares of Elastic N.V. $ESTC

Key Points

• Panagora Asset Management Inc. increased its stake in Elastic N.V. by 1,073.5% in Q1, now owning 229,533 shares valued at approximately $20.45 million.
• Insider sales included Ken Exner selling 6,918 shares and Shay Banon selling 5,117 shares, both on June 9, indicating recent activity among company insiders.
• Analysts have varying opinions on Elastic, with some firms raising their price targets significantly, including Mizuho increasing its target from $100 to $119 and Barclays from $105 to $125, reflecting positive sentiment overall.

Panagora Asset Management Inc. raised its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 1,073.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,533 shares of the company's stock after purchasing an additional 209,974 shares during the period. Panagora Asset Management Inc. owned 0.22% of Elastic worth $20,451,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vident Advisory LLC increased its holdings in shares of Elastic by 43.2% during the 1st quarter. Vident Advisory LLC now owns 3,373 shares of the company's stock valued at $301,000 after acquiring an additional 1,017 shares during the last quarter. Magnetar Financial LLC raised its position in shares of Elastic by 211.2% in the first quarter. Magnetar Financial LLC now owns 25,170 shares of the company's stock valued at $2,243,000 after purchasing an additional 17,081 shares during the period. Driehaus Capital Management LLC raised its position in shares of Elastic by 1,450.8% in the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock valued at $78,448,000 after purchasing an additional 823,680 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Elastic by 571.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 81,900 shares of the company's stock worth $7,297,000 after buying an additional 69,700 shares during the period. Finally, Shannon River Fund Management LLC bought a new stake in shares of Elastic during the 1st quarter worth $31,981,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $1.97 during trading on Thursday, hitting $84.32. 1,008,257 shares of the stock were exchanged, compared to its average volume of 1,735,895. Elastic N.V. has a 1-year low of $69.00 and a 1-year high of $118.84. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of -105.15 and a beta of 1.04. The company's fifty day simple moving average is $82.91 and its 200-day simple moving average is $87.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.92 and a current ratio of 1.92.

Analysts Set New Price Targets

ESTC has been the topic of a number of research analyst reports. Scotiabank reiterated an "outperform" rating on shares of Elastic in a research note on Friday, August 29th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Elastic in a report on Friday, August 29th. Wells Fargo & Company lowered their target price on Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. JPMorgan Chase & Co. lowered their target price on Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Finally, Monness Crespi & Hardt raised their target price on Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Elastic currently has an average rating of "Moderate Buy" and an average target price of $120.00.

Insider Buying and Selling at Elastic

In related news, insider Ken Exner sold 6,918 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the completion of the transaction, the insider owned 230,494 shares in the company, valued at $20,032,233.54. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Mark Eugene Dodds sold 5,514 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $479,221.74. Following the transaction, the executive owned 165,443 shares of the company's stock, valued at $14,378,651.13. This trade represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock worth $4,416,324 over the last three months. 12.70% of the stock is currently owned by insiders.

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.