Castleark Management LLC Grows Stake in Elastic (NYSE:ESTC)

Castleark Management LLC grew its position in Elastic (NYSE:ESTC) by 76.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,460 shares of the company’s stock after buying an additional 13,240 shares during the quarter. Castleark Management LLC’s holdings in Elastic were worth $3,053,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Rakuten Securities Inc. bought a new position in Elastic during the 4th quarter worth about $25,000. GAMMA Investing LLC bought a new position in shares of Elastic during the fourth quarter valued at approximately $39,000. Cypress Capital Management LLC WY bought a new position in shares of Elastic during the fourth quarter valued at approximately $45,000. Allspring Global Investments Holdings LLC bought a new position in Elastic in the first quarter worth approximately $64,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Elastic during the fourth quarter worth $97,000. Institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus dropped their price objective on Elastic from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Scotiabank lowered their price target on shares of Elastic from $154.00 to $135.00 and set a “sector outperform” rating on the stock in a report on Friday, May 31st. Bank of America reduced their price objective on shares of Elastic from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday, May 31st. Finally, Robert W. Baird cut their price target on shares of Elastic from $137.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, May 28th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $118.05.

Elastic Stock Performance

ESTC traded down $1.86 during midday trading on Thursday, hitting $107.81. 369,828 shares of the company were exchanged, compared to its average volume of 1,285,480. The company’s 50 day simple moving average is $111.21 and its 200 day simple moving average is $110.97. The firm has a market capitalization of $10.97 billion, a price-to-earnings ratio of 201.96 and a beta of 0.98. Elastic has a 1-year low of $57.38 and a 1-year high of $136.06. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The company had revenue of $335.00 million for the quarter, compared to analyst estimates of $329.15 million. Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. As a group, sell-side analysts predict that Elastic will post -1.12 earnings per share for the current year.

Insider Transactions at Elastic

In other Elastic news, CRO Mark Eugene Dodds sold 2,281 shares of Elastic stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $250,681.90. Following the completion of the transaction, the executive now owns 106,344 shares of the company’s stock, valued at $11,687,205.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ashutosh Kulkarni sold 9,664 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the transaction, the chief executive officer now owns 452,297 shares in the company, valued at approximately $49,698,394.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Mark Eugene Dodds sold 2,281 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $250,681.90. Following the completion of the sale, the executive now directly owns 106,344 shares of the company’s stock, valued at approximately $11,687,205.60. The disclosure for this sale can be found here. Insiders have sold 355,312 shares of company stock valued at $38,626,610 in the last 90 days. 18.10% of the stock is currently owned by company insiders.

About Elastic

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.