Sumitomo Mitsui DS Asset Management Company Ltd Increases Stake in Elastic (NYSE:ESTC)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Elastic (NYSE:ESTC) by 7.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,715 shares of the company’s stock after buying an additional 568 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Elastic were worth $669,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ESTC. Asset Dedication LLC increased its holdings in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic during the 2nd quarter valued at $40,000. Quarry LP bought a new stake in shares of Elastic during the 2nd quarter valued at $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic during the 2nd quarter valued at $43,000. Finally, Signaturefd LLC boosted its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Insider Transactions at Elastic

In related news, CFO Janesh Moorjani sold 6,941 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 value of $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last 90 days, 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.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Stifel Nicolaus decreased their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Guggenheim initiated coverage on shares of Elastic in a report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 target price on the stock. Bank of America downgraded shares of Elastic from a “buy” rating to a “neutral” rating and lowered their price target for the company from $140.00 to $94.00 in a report on Friday, August 30th. Finally, Scotiabank reduced their price objective on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Elastic Price Performance

Elastic stock opened at $79.40 on Wednesday. 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 stock has a market cap of $8.08 billion, a price-to-earnings ratio of 149.81 and a beta of 0.94. The firm has a 50-day moving average of $84.28 and a two-hundred day moving average of $99.44. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue was up 18.3% on a year-over-year basis. On average, research analysts forecast that Elastic will post -0.91 earnings per share 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.