Prostatis Group LLC Takes Position 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 acquired a new stake in Elastic N.V. (NYSE:ESTC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,653 shares of the company's stock, valued at approximately $325,000.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Elastic by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company's stock valued at $44,980,000 after acquiring an additional 22,005 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Elastic by 13.3% in the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after acquiring an additional 843 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Elastic in the first quarter valued at about $205,000. Teacher Retirement System of Texas lifted its position in shares of Elastic by 26.6% in the first quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company's stock valued at $1,615,000 after acquiring an additional 3,813 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Elastic by 666.7% in the first quarter. Principal Financial Group Inc. now owns 55,959 shares of the company's stock valued at $4,986,000 after acquiring an additional 48,660 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on ESTC shares. Morgan Stanley boosted their price objective on Elastic from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Piper Sandler boosted their price objective on Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Wells Fargo & Company decreased their target price on Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Mizuho boosted their target price on Elastic from $100.00 to $119.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Zacks Research downgraded Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $120.00.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 5,143 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $463,487.16. Following the sale, the insider directly owned 94,677 shares in the company, valued at $8,532,291.24. This represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ken Exner sold 6,290 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $566,854.80. Following the sale, the insider owned 233,582 shares in the company, valued at approximately $21,050,409.84. This trade represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 347,036 shares of company stock valued at $30,640,286. Corporate insiders own 12.70% of the company's stock.

Elastic Trading Down 1.6%

ESTC stock traded down $1.45 during midday trading on Friday, reaching $87.61. 2,100,983 shares of the company traded hands, compared to its average volume of 2,427,491. Elastic N.V. has a 52-week low of $70.14 and a 52-week high of $118.84. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. The business has a 50 day moving average of $83.49 and a 200-day moving average of $86.34. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of -109.51 and a beta of 1.04.

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.