Parallel Advisors LLC Lowers Stock Position in Elastic (NYSE:ESTC)

Parallel Advisors LLC trimmed its stake in Elastic (NYSE:ESTC) by 36.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,251 shares of the company’s stock after selling 1,868 shares during the period. Parallel Advisors LLC’s holdings in Elastic were worth $322,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in ESTC. FMR LLC raised its position in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. Atreides Management LP raised its holdings in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. JAT Capital Mgmt LP raised its holdings in shares of Elastic by 601.4% in the 3rd quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock valued at $35,736,000 after buying an additional 399,175 shares during the period. Thematics Asset Management lifted its stake in Elastic by 463.3% during the 3rd quarter. Thematics Asset Management now owns 444,012 shares of the company’s stock worth $34,082,000 after acquiring an additional 365,192 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Elastic by 256.3% during the 3rd quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock valued at $28,387,000 after acquiring an additional 245,680 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Price Performance

ESTC stock opened at $96.96 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $10.12 billion, a P/E ratio of 176.29 and a beta of 1.20. The business has a 50 day simple moving average of $105.33 and a 200-day simple moving average of $95.07. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, equities analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In other news, CTO Shay Banon sold 140,129 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. This trade represents a 5.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Eugene Dodds sold 2,755 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the transaction, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 193,304 shares of company stock valued at $20,334,252 over the last quarter. 15.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

ESTC has been the topic of several research reports. The Goldman Sachs Group increased their price target on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. UBS Group increased their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Citigroup boosted their price target on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Royal Bank of Canada increased their price objective on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Seven 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $131.52.

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.