First Trust Advisors LP Reduces Holdings in Elastic (NYSE:ESTC)

First Trust Advisors LP trimmed its holdings in shares of Elastic (NYSE:ESTC - Free Report) by 48.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,845 shares of the company's stock after selling 232,162 shares during the quarter. First Trust Advisors LP owned approximately 0.24% of Elastic worth $24,556,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ESTC. Canada Pension Plan Investment Board raised its position in Elastic by 369.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 12,200 shares of the company's stock worth $1,209,000 after acquiring an additional 9,600 shares during the period. Marshall Wace LLP raised its position in shares of Elastic by 554.9% during the 4th quarter. Marshall Wace LLP now owns 641,041 shares of the company's stock worth $63,514,000 after purchasing an additional 543,155 shares during the last quarter. Jump Financial LLC purchased a new position in Elastic in the 4th quarter valued at about $270,000. Guggenheim Capital LLC boosted its holdings in Elastic by 3.3% in the 4th quarter. Guggenheim Capital LLC now owns 7,278 shares of the company's stock worth $721,000 after buying an additional 230 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in Elastic by 9.6% during the 4th quarter. XTX Topco Ltd now owns 4,187 shares of the company's stock worth $415,000 after buying an additional 367 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Stock Performance

Shares of ESTC traded up $0.41 during mid-day trading on Thursday, hitting $86.61. 569,958 shares of the company's stock were exchanged, compared to its average volume of 1,387,334. The firm has a market capitalization of $9.04 billion, a P/E ratio of 157.95 and a beta of 1.19. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The business's 50 day moving average is $90.17 and its two-hundred day moving average is $96.52. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $382.08 million during the quarter, compared to analysts' expectations of $368.85 million. On average, equities analysts expect that Elastic will post -0.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Piper Sandler raised their target price on Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Robert W. Baird lifted their target price on shares of Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Wells Fargo & Company increased their target price on shares of Elastic from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Scotiabank decreased their price target on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Elastic presently has a consensus rating of "Moderate Buy" and an average target price of $127.48.

Insider Activity

In other Elastic news, CTO Shay Banon sold 25,668 shares of the company's stock in a transaction dated Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Mark Eugene Dodds sold 2,755 shares of Elastic stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the sale, the executive now owns 96,484 shares of the company's stock, valued at approximately $8,757,852.68. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock valued at $20,847,452 over the last quarter. Corporate insiders own 15.90% 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.