Royal Bank of Canada Buys 167,123 Shares of Elastic N.V. $ESTC

Key Points

• The Royal Bank of Canada significantly increased its holdings in Elastic N.V. by 81.4% in the first quarter, now owning 372,425 shares valued at approximately $33.18 million.
• Recent analysts' reports have led to varied price targets for Elastic N.V. shares, with TD Securities lowering their target from $125 to $105 while Morgan Stanley increased theirs from $115 to $120.
• Insiders sold a total of 50,913 shares of Elastic stock worth about $4.4 million over the last 90 days, indicating a decrease in their positions despite overall institutional ownership being at 97.03%.

Royal Bank of Canada increased its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 81.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 372,425 shares of the company's stock after purchasing an additional 167,123 shares during the quarter. Royal Bank of Canada owned approximately 0.36% of Elastic worth $33,183,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Elastic by 4.6% in the 1st quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company's stock worth $44,980,000 after purchasing an additional 22,005 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after purchasing an additional 843 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Elastic in the 1st quarter worth approximately $205,000. Teacher Retirement System of Texas lifted its holdings in Elastic by 26.6% in the 1st quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company's stock worth $1,615,000 after purchasing an additional 3,813 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Elastic by 666.7% in the 1st quarter. Principal Financial Group Inc. now owns 55,959 shares of the company's stock worth $4,986,000 after purchasing an additional 48,660 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Stock Performance

Shares of NYSE ESTC traded down $1.45 during trading hours on Friday, reaching $87.61. The stock had a trading volume of 2,100,983 shares, compared to its average volume of 2,427,491. The business's fifty day moving average is $83.49 and its two-hundred day moving average is $86.46. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market cap of $9.31 billion, a price-to-earnings ratio of -109.51 and a beta of 1.04. Elastic N.V. has a twelve month low of $70.14 and a twelve month high of $118.84.

Wall Street Analyst Weigh In

ESTC has been the subject of several analyst reports. Guggenheim boosted their target price on Elastic from $107.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, August 29th. TD Securities reduced their target price on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. Canaccord Genuity Group boosted their target price on Elastic from $110.00 to $120.00 and gave the stock a "buy" 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. Finally, Cowen reiterated a "hold" rating on shares of Elastic in a report on Friday, August 29th. One equities 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $120.00.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 19,622 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $1,768,334.64. Following the completion of the transaction, the chief executive officer directly owned 457,314 shares in the company, valued at approximately $41,213,137.68. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ken Exner sold 6,290 shares of the company's stock in a transaction 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 completion of the transaction, the insider owned 233,582 shares of the company's stock, valued at $21,050,409.84. The trade was a 2.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 347,036 shares of company stock valued at $30,640,286 in the last ninety days. 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.