Cinctive Capital Management LP Buys 75,051 Shares of Elastic (NYSE:ESTC)

Cinctive Capital Management LP raised its stake in Elastic (NYSE:ESTC) by 1,876.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 79,051 shares of the company’s stock after buying an additional 75,051 shares during the period. Cinctive Capital Management LP owned about 0.08% of Elastic worth $7,832,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new position in shares of Elastic during the 4th quarter valued at $25,000. SBI Securities Co. Ltd. bought a new position in shares of Elastic during the 4th quarter worth about $25,000. Venturi Wealth Management LLC boosted its position in shares of Elastic by 793.3% during the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares during the period. Finally, Global Retirement Partners LLC increased its position in Elastic by 1,065.2% in the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock valued at $53,000 after buying an additional 490 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of Elastic stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. The trade was a 4.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 140,129 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. This represents a 5.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,304 shares of company stock valued at $20,847,452. Company insiders own 15.90% of the company’s stock.

Elastic Stock Performance

NYSE:ESTC opened at $91.31 on Wednesday. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The business’s fifty day moving average is $104.84 and its 200 day moving average is $96.51. 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 $9.53 billion, a price-to-earnings ratio of 166.02 and a beta of 1.20.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Research analysts predict that Elastic will post -0.77 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ESTC shares. Rosenblatt Securities restated a “buy” rating and issued a $130.00 target price on shares of Elastic in a report on Tuesday, February 25th. Guggenheim lifted their target price on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Canaccord Genuity Group increased their price target on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Robert W. Baird raised their price objective on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Finally, Piper Sandler upped their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $130.74.

Elastic 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.