KBC Group NV Reduces Stock Position in Elastic (NYSE:ESTC)

KBC Group NV decreased its position in Elastic (NYSE:ESTC) by 95.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,415 shares of the company’s stock after selling 48,206 shares during the quarter. KBC Group NV’s holdings in Elastic were worth $185,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ESTC. Asset Dedication LLC grew its stake in shares of 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 purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new stake in Elastic during the second quarter valued at $40,000. Quarry LP acquired a new position in Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new stake in Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC raised its holdings 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 in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group cut their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Tuesday, October 8th. Truist Financial reduced their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Robert W. Baird downgraded shares of Elastic from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $135.00 to $95.00 in a research note on Friday, August 30th. Finally, Canaccord Genuity Group cut their target price on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.43.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of the stock in a transaction that occurred 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 completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 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 transaction of $1,380,342.25. Following the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Elastic Stock Up 0.2 %

NYSE ESTC opened at $88.49 on Thursday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. 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 has a fifty day moving average price of $80.71 and a two-hundred day moving average price of $97.05. The stock has a market capitalization of $9.09 billion, a PE ratio of 160.89 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its quarterly earnings data 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 company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. The firm’s revenue was up 18.3% compared to the same quarter last year. Equities analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

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.