Parallel Advisors LLC Sells 644 Shares of Elastic (NYSE:ESTC)

Parallel Advisors LLC lowered its holdings in shares of Elastic (NYSE:ESTC) by 9.6% during the second quarter, Holdings Channel reports. The firm owned 6,086 shares of the company’s stock after selling 644 shares during the period. Parallel Advisors LLC’s holdings in Elastic were worth $693,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ESTC. Baillie Gifford & Co. raised its holdings in Elastic by 30.8% during the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock valued at $1,018,110,000 after buying an additional 2,392,356 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Elastic in the 2nd quarter valued at approximately $102,169,000. Norges Bank acquired a new stake in Elastic in the 4th quarter worth approximately $92,847,000. Federated Hermes Inc. boosted its position in Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after purchasing an additional 613,774 shares during the period. Finally, 1832 Asset Management L.P. acquired a new position in Elastic during the fourth quarter valued at approximately $58,153,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

ESTC has been the subject of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $136.00 price objective on shares of Elastic in a research note on Tuesday, August 27th. Citigroup upped their price target on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Piper Sandler cut their price objective on Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. DA Davidson lowered their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Finally, Guggenheim initiated coverage on Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.24.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 180,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $107.82, for a total value of $19,407,600.00. Following the sale, the chief technology officer now owns 2,874,978 shares of the company’s stock, valued at $309,980,127.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CTO Shay Banon sold 180,000 shares of Elastic stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $107.82, for a total value of $19,407,600.00. Following the sale, the chief technology officer now owns 2,874,978 shares of the company’s stock, valued at $309,980,127.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Mark Eugene Dodds sold 3,661 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $257,185.25. Following the transaction, the executive now directly owns 102,683 shares of the company’s stock, valued at $7,213,480.75. The disclosure for this sale can be found here. Insiders sold 347,070 shares of company stock valued at $36,234,852 in the last ninety days. 18.10% of the stock is currently owned by corporate insiders.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $75.82 on Tuesday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The business has a fifty day moving average of $101.67 and a 200-day moving average of $104.32. The firm has a market cap of $7.79 billion, a PE ratio of 143.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

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

Elastic 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.