Swiss National Bank Raises Stock Holdings in Elastic (NYSE:ESTC)

Swiss National Bank grew its stake in shares of Elastic (NYSE:ESTC) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 168,800 shares of the company’s stock after buying an additional 200 shares during the period. Swiss National Bank owned 0.16% of Elastic worth $12,957,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. 1832 Asset Management L.P. purchased a new position in Elastic during the second quarter valued at approximately $248,335,000. Assenagon Asset Management S.A. bought a new position in Elastic in the 2nd quarter worth $102,169,000. Federated Hermes Inc. increased its stake in Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Elastic by 4.3% during the second quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock valued at $56,945,000 after acquiring an additional 20,633 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Elastic by 12.2% in the second quarter. Bank of New York Mellon Corp now owns 447,957 shares of the company’s stock valued at $51,027,000 after acquiring an additional 48,785 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $95.00 to $135.00 in a research report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research report on Wednesday. The Goldman Sachs Group upped their target price on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Citigroup increased their price objective on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

NYSE ESTC opened at $108.03 on Friday. The company has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The firm’s 50 day moving average price is $81.78 and its 200-day moving average price is $97.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.35) EPS. Sell-side analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

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.