WCM Investment Management LLC Reduces Stake in Elastic (NYSE:ESTC)

WCM Investment Management LLC cut its holdings in shares of Elastic (NYSE:ESTC) by 90.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,642 shares of the company’s stock after selling 232,173 shares during the quarter. WCM Investment Management LLC’s holdings in Elastic were worth $2,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ESTC. CWM LLC raised its holdings in shares of Elastic by 2.7% during the third quarter. CWM LLC now owns 26,635 shares of the company’s stock worth $2,045,000 after purchasing an additional 706 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Elastic by 51.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 27,666 shares of the company’s stock valued at $2,124,000 after buying an additional 9,444 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Elastic by 241.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 14,900 shares of the company’s stock valued at $1,144,000 after buying an additional 10,534 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Elastic by 7.0% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,715 shares of the company’s stock worth $669,000 after buying an additional 568 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Elastic by 21.2% during the third quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock worth $198,000 after acquiring an additional 452 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. The Goldman Sachs Group upped their price objective on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Stifel Nicolaus increased their price target on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Piper Sandler lifted their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Truist Financial increased their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Guggenheim lifted their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $125.35.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This trade represents a 10.80 % 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. Also, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total value of $16,638,000.00. Following the completion of the sale, the chief technology officer now owns 2,604,978 shares in the company, valued at $288,944,159.76. This represents a 5.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock worth $18,637,562 in the last three months. 15.90% of the stock is owned by corporate insiders.

Elastic Price Performance

NYSE:ESTC opened at $116.56 on Tuesday. Elastic has a one year low of $69.00 and a one year high of $136.06. The stock has a market cap of $12.08 billion, a PE ratio of 211.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock has a 50 day moving average price of $105.23 and a 200 day moving average price of $94.96.

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.