Nicholas Investment Partners LP Acquires Shares of 50,946 Elastic (NYSE:ESTC)

Nicholas Investment Partners LP purchased a new stake in Elastic (NYSE:ESTC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 50,946 shares of the company’s stock, valued at approximately $5,048,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. No Street GP LP bought a new position in shares of Elastic in the fourth quarter worth about $33,687,000. Occudo Quantitative Strategies LP bought a new position in shares of Elastic in the 4th quarter valued at $300,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Elastic during the 4th quarter worth $495,000. Lazard Asset Management LLC increased its holdings in Elastic by 32.5% in the 4th quarter. Lazard Asset Management LLC now owns 23,198 shares of the company’s stock worth $2,296,000 after purchasing an additional 5,694 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Elastic by 105.8% during the fourth quarter. Janus Henderson Group PLC now owns 81,159 shares of the company’s stock valued at $8,039,000 after purchasing an additional 41,727 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ESTC. Jefferies Financial Group dropped their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Monday, April 7th. UBS Group increased their price objective on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, February 28th. Truist Financial cut their target price on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Piper Sandler increased their price target on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, Scotiabank cut their price objective on Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 27th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $127.48.

Elastic Price Performance

Shares of NYSE ESTC opened at $93.56 on Wednesday. The stock’s 50 day moving average price is $86.67 and its 200-day moving average price is $96.99. The company has a market capitalization of $9.77 billion, a PE ratio of 170.11 and a beta of 1.20. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) EPS 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 net margin of 4.39% and a negative return on equity of 13.20%. On average, equities analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the transaction, the executive now directly owns 96,484 shares in the company, valued at $8,757,852.68. This represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares in the company, valued at $34,183,165.07. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock worth $20,847,452 in the last quarter. 15.90% of the stock is 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.