Asset Dedication LLC Boosts Holdings in Elastic (NYSE:ESTC)

Asset Dedication LLC raised its holdings in shares of Elastic (NYSE:ESTC) by 1,333.3% in the second quarter, Holdings Channel reports. The institutional investor owned 301 shares of the company’s stock after acquiring an additional 280 shares during the period. Asset Dedication LLC’s holdings in Elastic were worth $34,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Arizona State Retirement System raised its holdings in Elastic by 3.1% in the 2nd quarter. Arizona State Retirement System now owns 23,987 shares of the company’s stock worth $2,732,000 after purchasing an additional 713 shares during the period. Victory Capital Management Inc. raised its stake in shares of Elastic by 23.4% in the second quarter. Victory Capital Management Inc. now owns 20,330 shares of the company’s stock worth $2,316,000 after buying an additional 3,851 shares during the period. Wealth Effects LLC lifted its position in shares of Elastic by 27.2% during the 2nd quarter. Wealth Effects LLC now owns 16,960 shares of the company’s stock valued at $1,932,000 after buying an additional 3,625 shares in the last quarter. Versor Investments LP bought a new position in shares of Elastic during the 2nd quarter valued at approximately $278,000. Finally, CIBC Asset Management Inc bought a new position in shares of Elastic during the 2nd quarter valued at approximately $320,000. 97.03% of the stock is currently owned by institutional investors.

Elastic Stock Up 1.4 %

Shares of NYSE ESTC opened at $71.10 on Tuesday. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 134.15 and a beta of 0.95. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm’s 50-day moving average price is $104.99 and its 200-day moving average price is $105.91.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.35) earnings per share. On average, equities research analysts anticipate that Elastic will post -0.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of Elastic stock in a transaction on Monday, June 24th. The shares were sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the transaction, the chief executive officer now directly owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $109.88, for a total value of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The disclosure for this purchase can be found here. Insiders sold a total of 309,664 shares of company stock worth $33,607,080 over the last three months. 18.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ESTC has been the topic of several analyst reports. Scotiabank lowered their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. Citigroup lifted their target price on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Canaccord Genuity Group cut their price target on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. TD Cowen lowered their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 30th. Finally, Oppenheimer dropped their price objective on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and an average target price of $104.45.

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.