Highland Capital Management LLC Sells 2,212 Shares of Elastic (NYSE:ESTC)

Highland Capital Management LLC trimmed its holdings in shares of Elastic (NYSE:ESTC) by 14.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,023 shares of the company’s stock after selling 2,212 shares during the quarter. Highland Capital Management LLC’s holdings in Elastic were worth $1,483,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ESTC. GAMMA Investing LLC purchased a new position in shares of Elastic during the 4th quarter valued at $39,000. Lynx Investment Advisory bought a new stake in Elastic during the 2nd quarter valued at approximately $43,000. Cypress Capital Management LLC WY bought a new position in Elastic in the 4th quarter worth approximately $45,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Elastic in the first quarter worth $64,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Elastic during the fourth quarter worth $97,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Price Performance

Shares of Elastic stock traded up $3.37 during trading hours on Monday, reaching $109.03. The stock had a trading volume of 43,954 shares, compared to its average volume of 1,233,499. The stock’s 50 day moving average is $110.79 and its 200 day moving average is $109.21. 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 has a twelve month low of $57.38 and a twelve month high of $136.06. The firm has a market capitalization of $11.09 billion, a PE ratio of 199.36 and a beta of 0.98.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. The business had revenue of $335.00 million during the quarter, compared to analyst estimates of $329.15 million. Equities analysts expect that Elastic will post -1.12 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 5,260 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.89, for a total transaction of $578,021.40. Following the completion of the transaction, the chief technology officer now directly owns 4,545,856 shares in the company, valued at $499,544,115.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ashutosh Kulkarni sold 9,664 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 452,297 shares in the company, valued at $49,698,394.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 5,260 shares of Elastic stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.89, for a total transaction of $578,021.40. Following the sale, the chief technology officer now directly owns 4,545,856 shares in the company, valued at approximately $499,544,115.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 355,312 shares of company stock valued at $38,626,610. 18.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ESTC. Canaccord Genuity Group cut their price objective on Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Robert W. Baird cut their price objective on shares of Elastic from $137.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. UBS Group initiated coverage on shares of Elastic in a report on Wednesday, May 22nd. They set a “buy” rating and a $135.00 price target on the stock. Bank of America cut their target price on Elastic from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Friday, May 31st. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus target price of $120.84.

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.