Readystate Asset Management LP Increases Stake in Elastic (NYSE:ESTC)

Readystate Asset Management LP grew its holdings in Elastic (NYSE:ESTC) by 1,133.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,180 shares of the company’s stock after buying an additional 39,680 shares during the quarter. Readystate Asset Management LP’s holdings in Elastic were worth $3,314,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ESTC. Asset Dedication LLC increased its position in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic during the second quarter worth approximately $40,000. Quarry LP purchased a new stake in shares of Elastic during the second quarter worth approximately $40,000. Signaturefd LLC increased its position in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of Elastic during the third quarter worth approximately $61,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s 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 sale, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 198,551 shares of company stock worth $20,506,656 in the last quarter. 15.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on ESTC shares. DA Davidson boosted their price target on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. TD Cowen dropped their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Piper Sandler boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Oppenheimer boosted their price objective on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, Guggenheim boosted their price objective on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Price Performance

Shares of NYSE ESTC opened at $116.27 on Thursday. The stock’s 50-day moving average is $87.44 and its two-hundred day moving average is $97.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 211.40 and a beta of 1.02.

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.