Prostatis Group LLC Makes New Investment in Elastic N.V. $ESTC

Key Points

• Prostatis Group LLC has acquired a new stake in Elastic N.V. ($ESTC), purchasing 3,653 shares valued at approximately $325,000 during the first quarter of 2023.
• Brokerages have recently raised their price targets for Elastic, with analysts setting a consensus target of $120.00 and many assigning a "buy" or "outperform" rating.
• In a significant insider transaction, Elastic's CTO, Shay Banon, sold 100,000 shares of the company's stock for around $8.42 million, reducing his ownership by 4.43%.

Prostatis Group LLC bought a new position 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 SEC. The fund bought 3,653 shares of the company's stock, valued at approximately $325,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares during the period. Parallel Advisors LLC grew its holdings in shares of Elastic by 4.5% in the 1st quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after acquiring an additional 145 shares during the period. Y.D. More Investments Ltd grew its holdings in shares of Elastic by 0.5% in the 1st quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company's stock worth $2,756,000 after acquiring an additional 145 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Elastic by 53.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock worth $40,000 after acquiring an additional 152 shares during the period. Finally, WCM Investment Management LLC grew its holdings in shares of Elastic by 0.7% in the 1st quarter. WCM Investment Management LLC now owns 23,811 shares of the company's stock worth $2,183,000 after acquiring an additional 169 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

Insider Activity at Elastic

In other Elastic news, insider Ken Exner sold 6,290 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 transaction of $566,854.80. Following the transaction, the insider owned 233,582 shares of the company's stock, valued at $21,050,409.84. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Shay Banon sold 104,326 shares of the stock in a transaction 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 transaction, the chief technology officer directly owned 4,363,780 shares in the company, valued at approximately $394,223,885.20. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 347,036 shares of company stock worth $30,640,286. Company insiders own 12.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Royal Bank Of Canada upped their price target on Elastic from $106.00 to $125.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Robert W. Baird upped their price target on Elastic from $105.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. DA Davidson assumed coverage on Elastic in a report on Friday, August 29th. They issued a "neutral" rating and a $105.00 price target on the stock. Morgan Stanley upped their price target on Elastic from $115.00 to $120.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Finally, Guggenheim upped their price target on Elastic from $107.00 to $122.00 and gave the stock 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 given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $120.00.

Elastic Price Performance

NYSE:ESTC traded down $1.45 during trading hours on Friday, reaching $87.61. 2,100,983 shares of the company traded hands, compared to its average volume of 2,427,485. The firm's 50-day moving average is $83.49 and its 200-day moving average is $86.24. The stock has a market cap of $9.31 billion, a P/E ratio of -109.51 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. Elastic N.V. has a 1-year low of $70.14 and a 1-year high of $118.84.

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.