Sumitomo Mitsui DS Asset Management Company Ltd Decreases Stake in Elastic N.V. $ESTC

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Elastic N.V. by 33.8% in the second quarter, selling 3,979 shares and leaving them with 7,788 shares valued at roughly $657,000.
• Several large investors significantly increased their holdings in Elastic during the first quarter, with Massachusetts Financial Services Co. MA increasing its stake by 5,437.6% to own over 2.2 million shares.
• Analyst ratings for Elastic have improved, with Piper Sandler and Guggenheim raising their target prices, contributing to a consensus rating of "Moderate Buy" and a price target of $120.00.

Sumitomo Mitsui DS Asset Management Company Ltd decreased its position in Elastic N.V. (NYSE:ESTC - Free Report) by 33.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,788 shares of the company's stock after selling 3,979 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Elastic were worth $657,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its holdings in Elastic by 5,437.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock valued at $203,872,000 after purchasing an additional 2,246,808 shares during the last quarter. AQR Capital Management LLC grew its holdings in Elastic by 6,651.3% in the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock valued at $122,978,000 after purchasing an additional 1,383,065 shares during the last quarter. RGM Capital LLC grew its holdings in Elastic by 38.1% in the first quarter. RGM Capital LLC now owns 1,197,030 shares of the company's stock valued at $106,655,000 after purchasing an additional 330,290 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in 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 last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in Elastic by 32.6% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 616,133 shares of the company's stock valued at $54,897,000 after purchasing an additional 151,551 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Analyst Ratings Changes

ESTC has been the topic of several research reports. Piper Sandler upped their target price on Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Guggenheim upped their target price on Elastic from $107.00 to $122.00 and gave the company a "buy" rating in a report on Friday, August 29th. Jefferies Financial Group upped their target price on Elastic from $110.00 to $125.00 and gave the company a "buy" rating in a report on Friday, August 29th. Mizuho upped their price objective on Elastic from $100.00 to $119.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, Oppenheimer restated an "outperform" rating on shares of Elastic in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Elastic currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

Elastic Stock Performance

Elastic stock opened at $88.98 on Tuesday. The stock's 50-day moving average is $83.82 and its 200-day moving average is $85.50. The company has a market cap of $9.46 billion, a price-to-earnings ratio of -111.22 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 12 month low of $70.14 and a 12 month high of $118.84.

Insider Buying and Selling

In other news, insider Carolyn Herzog sold 5,143 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the transaction, the insider directly owned 94,677 shares in the company, valued at $8,532,291.24. This trade represents a 5.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Mark Eugene Dodds sold 5,037 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $453,934.44. Following the completion of the transaction, the executive owned 167,284 shares in the company, valued at approximately $15,075,634.08. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 349,536 shares of company stock worth $30,872,136. Corporate insiders own 12.70% of the company's stock.

About Elastic

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.

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