BlackRock Inc. Increases Stock Position in Elastic (NYSE:ESTC)

BlackRock Inc. boosted its stake in Elastic (NYSE:ESTC) by 31.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,684,844 shares of the company’s stock after purchasing an additional 1,125,648 shares during the quarter. BlackRock Inc. owned about 5.43% of Elastic worth $505,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ESTC. Bank of Montreal Can raised its stake in shares of Elastic by 71.6% during the second quarter. Bank of Montreal Can now owns 472 shares of the company’s stock worth $46,000 after acquiring an additional 197 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new position in shares of Elastic during the second quarter worth approximately $48,000. Lee Financial Co purchased a new position in shares of Elastic during the third quarter worth approximately $59,000. PNC Financial Services Group Inc. raised its stake in shares of Elastic by 34.1% during the second quarter. PNC Financial Services Group Inc. now owns 861 shares of the company’s stock worth $79,000 after acquiring an additional 219 shares in the last quarter. Finally, Liberty One Investment Management LLC raised its stake in shares of Elastic by 70.2% during the third quarter. Liberty One Investment Management LLC now owns 829 shares of the company’s stock worth $89,000 after acquiring an additional 342 shares in the last quarter. 71.80% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ESTC opened at $112.96 on Friday. The company has a market capitalization of $9.75 billion, a P/E ratio of -62.76 and a beta of 1.00. The firm has a 50 day moving average of $110.90 and a 200 day moving average of $95.67. Elastic has a twelve month low of $39.01 and a twelve month high of $127.90.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Wednesday, August 26th. The company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.24. The company had revenue of $128.90 million during the quarter, compared to the consensus estimate of $120.94 million. Elastic had a negative net margin of 30.94% and a negative return on equity of 25.60%. The firm’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.32) earnings per share. As a group, equities analysts predict that Elastic will post -1.49 earnings per share for the current fiscal year.

In other news, SVP W.H. Baird Garrett sold 10,000 shares of Elastic stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $108.06, for a total transaction of $1,080,600.00. Following the transaction, the senior vice president now owns 50,320 shares in the company, valued at approximately $5,437,579.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Janesh Moorjani sold 14,733 shares of Elastic stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $110.26, for a total transaction of $1,624,460.58. Following the transaction, the chief financial officer now owns 35,192 shares in the company, valued at approximately $3,880,269.92. The disclosure for this sale can be found here. Insiders sold 855,684 shares of company stock worth $89,941,138 in the last 90 days. 25.20% of the stock is currently owned by corporate insiders.

ESTC has been the topic of several research reports. Piper Sandler lifted their price target on shares of Elastic from $94.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. ValuEngine downgraded shares of Elastic from a “buy” rating to a “hold” rating in a research note on Thursday, November 5th. FBN Securities lifted their target price on shares of Elastic from $95.00 to $125.00 in a research note on Thursday, August 27th. Bank of America lifted their target price on shares of Elastic from $95.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Finally, Robert W. Baird started coverage on shares of Elastic in a research note on Thursday, September 24th. They issued a “neutral” rating and a $120.00 target price on the stock. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $127.00.

About Elastic

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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Institutional Ownership by Quarter for Elastic (NYSE:ESTC)

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