Federated Hermes Inc. Raises Stake in Elastic (NYSE:ESTC)

Federated Hermes Inc. raised its stake in shares of Elastic (NYSE:ESTC) by 15.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 884,400 shares of the company’s stock after buying an additional 118,294 shares during the quarter. Federated Hermes Inc. owned about 0.85% of Elastic worth $87,626,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in Elastic in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. bought a new stake in Elastic during the fourth quarter valued at $25,000. Venturi Wealth Management LLC grew its position in Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 158 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of Elastic by 1,065.2% in the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock valued at $53,000 after acquiring an additional 490 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $130.00 price objective on shares of Elastic in a report on Tuesday, February 25th. Piper Sandler raised their price objective on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Morgan Stanley upped their target price on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Robert W. Baird raised their price target on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group upped their price objective on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.74.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the completion of the sale, the insider now directly owns 84,152 shares in the company, valued at approximately $7,639,318.56. This trade represents a 3.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 2,683 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $243,562.74. Following the completion of the transaction, the chief technology officer now owns 4,535,456 shares in the company, valued at approximately $411,728,695.68. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is currently owned by company insiders.

Elastic Stock Down 7.3 %

ESTC stock opened at $76.20 on Monday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a market capitalization of $7.96 billion, a price-to-earnings ratio of 138.55 and a beta of 1.19. The business’s 50 day moving average price is $103.65 and its two-hundred day moving average price is $96.68. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

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 the consensus estimate of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, analysts forecast that Elastic will post -0.77 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.