Wellington Management Group LLP Increases Holdings in Elastic N.V. $ESTC

Key Points

• Wellington Management Group LLP increased its stake in Elastic N.V. by 114.9%, owning 11,632 shares worth approximately $1,036,000 at the end of the first quarter.
• Several institutional investors significantly raised their positions, with Massachusetts Financial Services increasing their stake by 5,437.6% to over $203 million.
• Analysts have a positive outlook on Elastic, with Jefferies raising their target price to $125.00 and the stock receiving an average rating of "Moderate Buy."

Wellington Management Group LLP raised its position in shares of Elastic N.V. (NYSE:ESTC - Free Report) by 114.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,632 shares of the company's stock after purchasing an additional 6,218 shares during the period. Wellington Management Group LLP's holdings in Elastic were worth $1,036,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Elastic by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 383,612 shares of the company's stock valued at $38,014,000 after acquiring an additional 20,892 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Elastic by 4.6% during the fourth quarter. MetLife Investment Management LLC now owns 5,365 shares of the company's stock worth $532,000 after purchasing an additional 237 shares during the period. Stifel Financial Corp boosted its position in shares of Elastic by 14.4% during the fourth quarter. Stifel Financial Corp now owns 22,384 shares of the company's stock worth $2,218,000 after purchasing an additional 2,820 shares in the last quarter. Northern Trust Corp grew its position in shares of Elastic by 21.5% in the 4th quarter. Northern Trust Corp now owns 488,803 shares of the company's stock valued at $48,431,000 after purchasing an additional 86,612 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Elastic in the 4th quarter valued at about $469,000. Institutional investors own 97.03% of the company's stock.

Elastic Trading Down 2.2%

Shares of NYSE:ESTC traded down $1.89 on Thursday, reaching $84.40. 659,405 shares of the company traded hands, compared to its average volume of 1,733,826. The stock has a market capitalization of $8.97 billion, a P/E ratio of -105.68 and a beta of 1.04. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. The business's 50-day simple moving average is $82.91 and its 200 day simple moving average is $87.44. Elastic N.V. has a 52 week low of $69.00 and a 52 week high of $118.84.

Insider Activity

In related news, CTO Shay Banon sold 5,117 shares of the business's 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 completion of the transaction, the chief technology officer directly owned 4,560,291 shares in the company, valued at $396,334,890.81. The trade was a 0.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 22,901 shares of the firm's 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 $1,990,325.91. Following the completion of the transaction, the chief executive officer directly owned 454,841 shares in the company, valued at approximately $39,530,231.31. The trade was a 4.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,913 shares of company stock valued at $4,416,324. 12.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ESTC. Robert W. Baird upped their target price on shares of Elastic from $105.00 to $120.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Barclays upped their price target on shares of Elastic from $105.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Scotiabank restated an "outperform" rating on shares of Elastic in a research report on Friday, August 29th. Rosenblatt Securities reiterated a "buy" rating and set a $130.00 price target on shares of Elastic in a report on Friday, August 29th. Finally, Canaccord Genuity Group boosted their price objective on Elastic from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $120.00.

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.