KLP Kapitalforvaltning AS Makes New Investment in Elastic (NYSE:ESTC)

KLP Kapitalforvaltning AS purchased a new stake in shares of Elastic (NYSE:ESTC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,000 shares of the company’s stock, valued at approximately $1,783,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC increased its position in Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares during the period. Atreides Management LP grew its stake in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. JAT Capital Mgmt LP increased its holdings in shares of Elastic by 601.4% during the third quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock valued at $35,736,000 after purchasing an additional 399,175 shares during the period. American Century Companies Inc. raised its stake in shares of Elastic by 592.1% during the fourth quarter. American Century Companies Inc. now owns 366,103 shares of the company’s stock valued at $36,274,000 after purchasing an additional 313,207 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Elastic by 256.3% in the third quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock worth $28,387,000 after purchasing an additional 245,680 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 analysts have commented on ESTC shares. Wells Fargo & Company raised their target price on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Truist Financial upped their target price on Elastic from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Cantor Fitzgerald began coverage on Elastic in a research report on Friday, January 17th. They set a “neutral” rating and a $108.00 price target on the stock. Finally, Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Seven equities 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.39.

Elastic Stock Down 4.4 %

Shares of NYSE:ESTC opened at $94.96 on Friday. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96. 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 company has a market cap of $9.91 billion, a PE ratio of 172.65 and a beta of 1.20. The firm has a 50 day simple moving average of $105.43 and a 200 day simple moving average of $95.83.

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

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the transaction, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at approximately $38,140,100.24. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Shay Banon sold 2,683 shares of Elastic stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $243,562.74. Following the sale, the chief technology officer now directly owns 4,535,456 shares of the company’s stock, valued at approximately $411,728,695.68. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is currently owned by company insiders.

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.