Verition Fund Management LLC Decreases Stake in Elastic (NYSE:ESTC)

Verition Fund Management LLC cut its holdings in Elastic (NYSE:ESTC) by 26.0% during the third quarter, Holdings Channel reports. The institutional investor owned 57,643 shares of the company’s stock after selling 20,276 shares during the quarter. Verition Fund Management LLC’s holdings in Elastic were worth $4,425,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Asset Dedication LLC raised its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in Elastic during the second quarter worth $40,000. Quarry LP acquired a new position in Elastic during the second quarter worth $40,000. Signaturefd LLC raised its holdings in 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 during the last quarter. Finally, Eastern Bank acquired a new position in Elastic during the third quarter worth $61,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elastic

In other news, 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 completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Shay Banon sold 2,666 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 $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,551 shares of company stock valued at $20,506,656 over the last quarter. Company insiders own 15.90% of the company’s stock.

Elastic Price Performance

ESTC stock opened at $112.95 on Wednesday. The stock has a 50-day moving average price of $85.99 and a two-hundred day moving average price of $97.04. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a market cap of $11.71 billion, a PE ratio of 205.36 and a beta of 1.02.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial boosted their price target on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a report on Friday, November 22nd. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company boosted their price target on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

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.