Merit Financial Group LLC Purchases Shares of 9,884 Elastic (NYSE:ESTC)

Merit Financial Group LLC acquired a new position in Elastic (NYSE:ESTC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,884 shares of the company’s stock, valued at approximately $881,000.

Several other large investors also recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new stake in shares of Elastic during the 4th quarter valued at about $25,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic during the fourth quarter valued at approximately $26,000. Venturi Wealth Management LLC raised its stake in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of 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 purchasing an additional 158 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its stake in shares of Elastic by 1,065.2% in the fourth quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock valued at $53,000 after purchasing an additional 490 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. This trade represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ESTC shares. Robert W. Baird dropped their price target on shares of Elastic from $125.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Cantor Fitzgerald dropped their target price on Elastic from $109.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Wall Street Zen upgraded Elastic from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. TD Securities lowered their price objective on Elastic from $125.00 to $105.00 and set a “hold” rating for the company in a research note on Wednesday, May 21st. Finally, Canaccord Genuity Group dropped their price objective on Elastic from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, June 2nd. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $113.63.

Elastic Price Performance

ESTC opened at $86.37 on Monday. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of 157.04 and a beta of 1.07. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company’s 50-day moving average price is $84.64 and its 200 day moving average price is $97.59. 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 earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.37 by $0.10. The company had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share. As a group, sell-side analysts expect that Elastic will post -0.77 earnings per share for the current year.

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.