Handelsbanken Fonder AB Buys 2,200 Shares of Elastic (NYSE:ESTC)

Handelsbanken Fonder AB raised its stake in Elastic (NYSE:ESTC) by 13.3% in the third quarter, Holdings Channel reports. The fund owned 18,800 shares of the company’s stock after purchasing an additional 2,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Elastic were worth $1,443,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ESTC. Asset Dedication LLC lifted its holdings in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the second quarter worth about $40,000. Quarry LP bought a new position in shares of Elastic in the second quarter worth about $40,000. Lynx Investment Advisory bought a new position in shares of Elastic in the second quarter worth about $43,000. Finally, Signaturefd LLC lifted its holdings in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ESTC shares. Piper Sandler dropped their target price on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 30th. Stifel Nicolaus lowered their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Bank of America downgraded Elastic from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $140.00 to $94.00 in a research note on Friday, August 30th. Scotiabank lowered their price objective on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday, August 30th. Finally, TD Cowen lowered their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the sale, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is currently owned by corporate insiders.

Elastic Price Performance

Shares of Elastic stock opened at $82.00 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The business’s 50 day simple moving average is $87.70 and its two-hundred day simple moving average is $100.42. The stock has a market capitalization of $8.34 billion, a P/E ratio of 154.72 and a beta of 0.94. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last posted its 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. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.35) earnings per share. Analysts forecast that Elastic will post -0.92 EPS for the current year.

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.