Panagora Asset Management Inc. Has $77.81 Million Stock Position in Elastic N.V. $ESTC

Key Points

• Panagora Asset Management boosted its stake in Elastic by 12.5% in the fourth quarter, ending with about 1.03 million shares valued at roughly $77.8 million.
• Insiders sold shares in recent transactions, including CRO Mark Eugene Dodds and insider Ken Exner, both citing tax withholding tied to equity award vesting. Collectively, insiders sold 110,099 shares worth about $6.67 million over the last 90 days.
• Elastic reported better-than-expected quarterly results, with $0.61 EPS versus $0.56 expected and revenue up 16% year over year to $450.68 million. Analysts currently have a Moderate Buy consensus rating with an average target price of $80.04.

Panagora Asset Management Inc. increased its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 12.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,031,378 shares of the company's stock after purchasing an additional 114,965 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.98% of Elastic worth $77,807,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC acquired a new stake in Elastic in the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. acquired a new stake in Elastic in the 2nd quarter valued at about $31,000. Activest Wealth Management increased its position in Elastic by 3,181.3% in the 4th quarter. Activest Wealth Management now owns 525 shares of the company's stock valued at $40,000 after acquiring an additional 509 shares in the last quarter. Quarry LP increased its position in Elastic by 16,200.0% in the 4th quarter. Quarry LP now owns 652 shares of the company's stock valued at $49,000 after acquiring an additional 648 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Elastic in the 4th quarter valued at about $49,000. Institutional investors and hedge funds own 97.03% of the company's stock.

Insiders Place Their Bets

In related news, CRO Mark Eugene Dodds sold 18,439 shares of Elastic stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $1,117,587.79. Following the transaction, the executive owned 298,211 shares of the company's stock, valued at $18,074,568.71. This trade represents a 5.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ken Exner sold 18,449 shares of Elastic stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $1,118,193.89. Following the transaction, the insider directly owned 360,037 shares in the company, valued at $21,821,842.57. The trade was a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 110,099 shares of company stock valued at $6,673,100 in the last ninety days. 12.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ESTC. DA Davidson lowered their price objective on shares of Elastic from $65.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, May 29th. Guggenheim lowered their price objective on shares of Elastic from $116.00 to $106.00 and set a "buy" rating for the company in a research report on Tuesday, May 19th. Zacks Research cut shares of Elastic from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 28th. Wedbush lowered their price objective on shares of Elastic from $74.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, May 29th. Finally, Citigroup raised their price objective on shares of Elastic from $95.00 to $104.00 and gave the company a "buy" rating in a research report on Friday, May 29th. Eighteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $80.04.

Elastic Trading Down 0.0%

NYSE ESTC opened at $60.33 on Monday. The stock has a 50-day simple moving average of $52.80 and a 200 day simple moving average of $61.04. The company has a market capitalization of $6.27 billion, a PE ratio of 17.24, a P/E/G ratio of 19.95 and a beta of 1.00. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.45. Elastic N.V. has a 12 month low of $42.05 and a 12 month high of $96.07.

Elastic (NYSE:ESTC - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. The business had revenue of $450.68 million during the quarter, compared to the consensus estimate of $446.66 million. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.The firm's revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 earnings per share. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. Research analysts forecast that Elastic N.V. will post 0.18 EPS for the current year.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.