Smith Group Asset Management LLC Makes New $3.41 Million Investment in Elastic (NYSE:ESTC)

Smith Group Asset Management LLC acquired a new stake in Elastic (NYSE:ESTC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 34,400 shares of the company’s stock, valued at approximately $3,408,000.

Other institutional investors have also modified their holdings of the company. Moody Aldrich Partners LLC acquired a new stake in Elastic in the fourth quarter valued at $255,000. Wealth Effects LLC raised its position in shares of Elastic by 25.4% during the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after acquiring an additional 5,830 shares in the last quarter. Perigon Wealth Management LLC purchased a new stake in Elastic during the fourth quarter worth approximately $490,000. Slow Capital Inc. acquired a new position in Elastic in the fourth quarter valued at approximately $5,039,000. Finally, Pacer Advisors Inc. increased its stake in Elastic by 30.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,408 shares of the company’s stock valued at $239,000 after purchasing an additional 566 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the transaction, the insider now directly owns 92,011 shares in the company, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Oppenheimer boosted their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Bank of America raised their price objective on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Guggenheim boosted their target price on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Morgan Stanley began coverage on Elastic in a research note on Tuesday, December 17th. They set an “overweight” rating and a $130.00 price target on the stock. Finally, Piper Sandler boosted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.35.

Elastic Stock Up 11.9 %

ESTC opened at $117.36 on Wednesday. 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 12 month low of $69.00 and a 12 month high of $136.06. The stock has a market capitalization of $12.16 billion, a P/E ratio of 213.37 and a beta of 1.06. The business has a 50 day simple moving average of $103.92 and a 200-day simple moving average of $95.01.

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.