Stanley Laman Group Ltd. Buys Shares of 84,797 Elastic (NYSE:ESTC)

Stanley Laman Group Ltd. purchased a new position in shares of Elastic (NYSE:ESTC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 84,797 shares of the company’s stock, valued at approximately $6,509,000. Elastic accounts for 0.9% of Stanley Laman Group Ltd.’s investment portfolio, making the stock its 18th biggest holding.

A number of other hedge funds have also modified their holdings of the business. PNC Financial Services Group Inc. boosted its holdings in Elastic by 8.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock valued at $278,000 after acquiring an additional 185 shares during the period. TrueMark Investments LLC grew its position in Elastic by 13.5% in the 1st quarter. TrueMark Investments LLC now owns 20,251 shares of the company’s stock valued at $2,030,000 after acquiring an additional 2,405 shares in the last quarter. Blue Zone Wealth Advisors LLC grew its position in Elastic by 4.6% in the 1st quarter. Blue Zone Wealth Advisors LLC now owns 27,488 shares of the company’s stock valued at $2,755,000 after acquiring an additional 1,220 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Elastic in the 1st quarter valued at about $64,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after acquiring an additional 15,514 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on ESTC. Wedbush raised Elastic to a “hold” rating in a research report on Thursday, October 17th. Robert W. Baird downgraded Elastic from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $135.00 to $95.00 in a research report on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Tuesday, October 8th. Stifel Nicolaus decreased their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, Scotiabank decreased their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” 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 given a buy rating to the company. According to MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Elastic Trading Down 1.3 %

NYSE:ESTC opened at $79.40 on Wednesday. The firm has a market cap of $8.08 billion, a P/E ratio of 149.81 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock’s 50 day simple moving average is $84.28 and its 200-day simple moving average is $99.44. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.35) earnings per share. Equities analysts anticipate that Elastic will post -0.91 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 19,649 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 $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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the transaction, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 over the last quarter. Company insiders own 18.10% of the company’s stock.

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.