Voya Investment Management LLC Sells 807,379 Shares of Elastic N.V. $ESTC

Key Points

• Voya Investment Management LLC has reduced its stake in Elastic N.V. by 27%, selling 807,379 shares, and now owns approximately 2.07% of the company worth $194.9 million.
• Insiders, including CTO Shay Banon, sold significant amounts of Elastic stock recently, with Banon's sale totaling over $9.4 million, reflecting a decrease in insider ownership.
• Analysts have a consensus rating of "Moderate Buy" for Elastic shares, with target prices ranging from $120 to $130, suggesting positive growth expectations for the stock.

Voya Investment Management LLC trimmed its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 27.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,187,724 shares of the company's stock after selling 807,379 shares during the period. Voya Investment Management LLC owned about 2.07% of Elastic worth $194,926,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ESTC. Cloud Capital Management LLC bought a new position in Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new position in shares of Elastic during the 4th quarter valued at $26,000. Signaturefd LLC raised its position in Elastic by 53.7% in the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares during the period. North Capital Inc. bought a new stake in Elastic in the first quarter worth $37,000. Finally, Smartleaf Asset Management LLC boosted its position in Elastic by 53.7% during the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after buying an additional 152 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Trading Down 1.6%

ESTC stock traded down $1.45 on Friday, reaching $87.61. The company's stock had a trading volume of 2,100,983 shares, compared to its average volume of 2,427,485. The firm has a market cap of $9.31 billion, a PE ratio of -109.51 and a beta of 1.04. The business has a fifty day simple moving average of $83.49 and a two-hundred day simple moving average of $86.24. Elastic N.V. has a 12-month low of $70.14 and a 12-month 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.

Insider Activity

In other Elastic news, insider Ken Exner sold 6,290 shares of Elastic 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 sale, the insider directly owned 233,582 shares of the company's stock, valued at approximately $21,050,409.84. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Navam Welihinda sold 3,489 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 value of $314,428.68. Following the transaction, the chief financial officer owned 130,436 shares in the company, valued at $11,754,892.32. This trade represents a 2.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 347,036 shares of company stock worth $30,640,286. 12.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Canaccord Genuity Group lifted their price objective on Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Barclays lifted their price target on Elastic from $105.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Robert W. Baird increased their price objective on Elastic from $105.00 to $120.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wedbush decreased their target price on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Finally, UBS Group increased their price target on shares of Elastic from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, August 29th. One equities research 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

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.