Exchange Traded Concepts LLC Purchases 9,444 Shares of Elastic (NYSE:ESTC)

Exchange Traded Concepts LLC raised its stake in Elastic (NYSE:ESTC) by 51.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,666 shares of the company’s stock after purchasing an additional 9,444 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Elastic were worth $2,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Dedication LLC raised its stake 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 purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic in the second quarter worth approximately $40,000. Quarry LP purchased a new stake in shares of Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory purchased a new stake in shares of Elastic in the second quarter worth approximately $43,000. Finally, Signaturefd LLC raised its stake 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 purchasing an additional 119 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Price Performance

Elastic stock opened at $83.10 on Tuesday. Elastic has a one year low of $69.00 and a one year high of $136.06. The business has a fifty day moving average price of $86.97 and a 200-day moving average price of $100.17. 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 firm has a market capitalization of $8.45 billion, a P/E ratio of 156.79 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted 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. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) earnings per share. As a group, equities research analysts forecast that Elastic will post -0.91 EPS for the current year.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 2,666 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 $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.00 % decrease in their position. 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 18.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ESTC. Guggenheim began coverage on Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price objective for the company. Stifel Nicolaus decreased their price target on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Royal Bank of Canada decreased their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Oppenheimer decreased their price target on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Finally, Bank of America downgraded Elastic from a “buy” rating to a “neutral” rating and decreased their price target for the company from $140.00 to $94.00 in a research report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.71.

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.