Vanguard Group Inc. Acquires 12,157 Shares of Elastic N.V. (NYSE:ESTC)

Key Points

• Vanguard Group Inc. increased its stake in Elastic N.V. by 0.1%, owning approximately 9.36 million shares, equating to a value of about $834.36 million.
• Multiple hedge funds have adjusted their positions in Elastic, with notable increases from Maxi Investments CY Ltd at 375.8% growth, and PNC Financial Services Group Inc. raising their stake by 24.8%.
• Despite recent positive earnings, several analysts have downgraded their price targets for Elastic, with the consensus target now set at $112.72, reflecting a more cautious outlook.

Vanguard Group Inc. increased its stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 0.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,364,265 shares of the company's stock after buying an additional 12,157 shares during the quarter. Vanguard Group Inc. owned about 8.97% of Elastic worth $834,356,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new stake in Elastic during the first quarter worth approximately $25,000. Fourth Dimension Wealth LLC acquired a new stake in Elastic during the fourth quarter worth approximately $26,000. Signaturefd LLC grew its position in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after buying an additional 117 shares in the last quarter. North Capital Inc. acquired a new stake in Elastic during the first quarter worth approximately $37,000. Finally, GAMMA Investing LLC grew its position in Elastic by 134.6% during the first quarter. GAMMA Investing LLC now owns 570 shares of the company's stock worth $51,000 after buying an additional 327 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Elastic Trading Up 0.9%

Elastic stock traded up $0.67 during trading hours on Friday, reaching $77.09. 1,293,014 shares of the company's stock were exchanged, compared to its average volume of 1,657,080. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. The firm's 50 day simple moving average is $83.44 and its 200 day simple moving average is $90.65. Elastic N.V. has a twelve month low of $69.00 and a twelve month high of $118.84. The firm has a market capitalization of $8.14 billion, a PE ratio of -73.41 and a beta of 1.07.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%. The firm had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. During the same period last year, the business posted $0.21 EPS. The business's revenue was up 15.9% compared to the same quarter last year. Research analysts predict that Elastic N.V. will post -0.77 earnings per share for the current year.

Insider Activity

In related news, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $444,718.47. Following the sale, the chief technology officer owned 4,560,291 shares of the company's stock, valued at approximately $396,334,890.81. The trade was a 0.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ken Exner sold 6,918 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the completion of the sale, the insider directly owned 230,494 shares in the company, valued at $20,032,233.54. This trade represents a 2.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Piper Sandler reduced their price target on Elastic from $135.00 to $120.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. TD Securities cut their target price on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Stifel Nicolaus cut their target price on Elastic from $140.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Oppenheimer cut their target price on Elastic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Monday, July 21st. Finally, Robert W. Baird cut their target price on Elastic from $125.00 to $115.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Elastic has an average rating of "Moderate Buy" and an average price target of $110.60.

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.