JPMorgan Chase & Co. Decreases Position in Elastic (NYSE:ESTC)

JPMorgan Chase & Co. decreased its position in shares of Elastic (NYSE:ESTC) by 22.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,053,473 shares of the company’s stock after selling 870,053 shares during the quarter. JPMorgan Chase & Co. owned 2.95% of Elastic worth $302,538,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Elastic by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after purchasing an additional 14,590 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Elastic by 12.0% during the third quarter. The Manufacturers Life Insurance Company now owns 16,431 shares of the company’s stock valued at $1,261,000 after buying an additional 1,757 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Elastic by 190.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 66,786 shares of the company’s stock worth $5,126,000 after buying an additional 43,772 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Elastic by 8.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,978 shares of the company’s stock worth $2,762,000 after buying an additional 2,928 shares during the last quarter. Finally, Circle Wealth Management LLC lifted its stake in Elastic by 33.3% during the 3rd quarter. Circle Wealth Management LLC now owns 9,238 shares of the company’s stock valued at $709,000 after acquiring an additional 2,309 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Price Performance

Shares of NYSE:ESTC opened at $91.55 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 166.46 and a beta of 1.20. The firm has a fifty day moving average price of $105.25 and a 200 day moving average price of $96.29. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. As a group, sell-side analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on ESTC shares. Truist Financial lifted their price target on shares of Elastic from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 target price on shares of Elastic in a research note on Tuesday, February 25th. Cantor Fitzgerald began coverage on Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target on the stock. Robert W. Baird upped their price objective on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $131.39.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 2,683 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $243,562.74. Following the sale, the chief technology officer now directly owns 4,535,456 shares in the company, valued at approximately $411,728,695.68. This represents a 0.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the sale, the chief executive officer now directly owns 376,591 shares in the company, valued at $34,183,165.07. The trade was a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock valued at $20,847,452 in the last ninety days. Corporate insiders own 15.90% 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.