ING Groep NV Makes New $6.76 Million Investment in Elastic (NYSE:ESTC)

ING Groep NV purchased a new stake in Elastic (NYSE:ESTC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 88,000 shares of the company’s stock, valued at approximately $6,755,000.

Other hedge funds also recently made changes to their positions in the company. Asset Dedication LLC raised its stake in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in shares of Elastic in the 2nd quarter valued at about $40,000. Quarry LP acquired a new position in shares of Elastic in the 2nd quarter valued at about $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic during the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC grew its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ESTC. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Piper Sandler cut their target price on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. DA Davidson decreased their price target on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 30th. Stifel Nicolaus cut their price objective on shares of Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Wells Fargo & Company reduced their target price on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $104.19.

Insider Activity at Elastic

In other news, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by company insiders.

Elastic Price Performance

Shares of NYSE ESTC opened at $86.36 on Friday. The company has a market capitalization of $8.87 billion, a PE ratio of 157.02 and a beta of 0.94. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock’s 50 day moving average price is $79.81 and its 200-day moving average price is $97.47. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts anticipate that Elastic will post -0.92 EPS for the current 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.