Teza Capital Management LLC Sells 68,376 Shares of Elastic N.V. $ESTC

Key Points

• Teza Capital Management LLC significantly reduced its holdings in Elastic N.V. by 90.6%, now owning 7,080 shares valued at $631,000 after selling 68,376 shares in the first quarter.
• Multiple hedge funds, including Bank of New York Mellon Corp and Principal Financial Group Inc., have increased their stakes in Elastic, indicating strong institutional interest with 97.03% of the stock now held by institutional investors.
• Analysts are optimistic about Elastic's future, with a consensus target price of $120.00 and numerous upgrades from firms like Canaccord Genuity and Morgan Stanley, alongside a mix of buy and hold ratings.

Teza Capital Management LLC reduced its stake in Elastic N.V. (NYSE:ESTC - Free Report) by 90.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 7,080 shares of the company's stock after selling 68,376 shares during the quarter. Teza Capital Management LLC's holdings in Elastic were worth $631,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ESTC. Massachusetts Financial Services Co. MA boosted its holdings in shares of Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares during the last quarter. Sylebra Capital LLC boosted its holdings in shares of Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after buying an additional 1,756,842 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Elastic by 6,651.3% in the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock worth $122,978,000 after buying an additional 1,383,065 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Elastic by 1,450.8% in the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock worth $78,448,000 after buying an additional 823,680 shares during the last quarter. Finally, Soma Equity Partners LP boosted its holdings in shares of Elastic by 61.5% in the 4th quarter. Soma Equity Partners LP now owns 989,349 shares of the company's stock worth $98,025,000 after buying an additional 376,660 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Price Performance

Shares of ESTC traded down $1.45 during midday trading on Friday, hitting $87.61. 2,100,983 shares of the company traded hands, compared to its average volume of 2,427,491. 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 stock has a 50-day moving average of $83.49 and a 200-day moving average of $86.34. The firm has a market cap of $9.31 billion, a P/E ratio of -109.51 and a beta of 1.04. Elastic N.V. has a one year low of $70.14 and a one year high of $118.84.

Wall Street Analyst Weigh In

Several research firms have commented on ESTC. Oppenheimer reaffirmed an "outperform" rating on shares of Elastic in a report on Friday, August 29th. Mizuho upped their price objective on shares of Elastic from $100.00 to $119.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Zacks Research downgraded shares of Elastic from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. Guggenheim upped their price objective on shares of Elastic from $107.00 to $122.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Monness Crespi & Hardt upped their price objective on shares of Elastic from $111.00 to $150.00 and gave the company 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 issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $120.00.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 19,622 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 $1,768,334.64. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ken Exner sold 6,290 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 $566,854.80. Following the completion of the transaction, 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. Insiders sold 347,036 shares of company stock valued at $30,640,286 in the last 90 days. 12.70% of the stock is owned by company insiders.

Elastic Company 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.