Xn LP Decreases Stake in Elastic (NYSE:ESTC)

Xn LP lessened its stake in shares of Elastic (NYSE:ESTC) by 5.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,500 shares of the company’s stock after selling 2,505 shares during the quarter. Elastic makes up approximately 0.2% of Xn LP’s portfolio, making the stock its 22nd biggest position. Xn LP’s holdings in Elastic were worth $4,955,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC raised its stake in shares of Elastic by 20.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,710 shares of the company’s stock valued at $764,000 after acquiring an additional 1,123 shares during the last quarter. Andar Capital Management HK Ltd purchased a new position in Elastic during the 2nd quarter valued at about $2,278,000. Dimensional Fund Advisors LP increased its holdings in Elastic by 16.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares during the period. Massachusetts Financial Services Co. MA raised its position in Elastic by 4.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 55,823 shares of the company’s stock valued at $6,359,000 after purchasing an additional 2,586 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings 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 during the period. Institutional investors own 97.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Scotiabank reduced their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Bank of America lowered shares of Elastic from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $140.00 to $94.00 in a report on Friday, August 30th. Wells Fargo & Company dropped their target price on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Canaccord Genuity Group reduced their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Finally, Oppenheimer lowered their price objective on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $104.24.

Elastic Price Performance

ESTC opened at $75.17 on Wednesday. The firm has a market cap of $7.65 billion, a PE ratio of 141.83 and a beta of 0.95. The stock has a 50-day moving average price of $100.88 and a 200-day moving average price of $103.91. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) earnings per share. Sell-side analysts predict that Elastic will post -0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the sale, the chief executive officer now directly owns 452,297 shares in the company, valued at approximately $49,698,394.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the transaction, the chief executive officer now owns 452,297 shares in the company, valued at approximately $49,698,394.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The disclosure for this sale can be found here. Insiders sold a total of 347,070 shares of company stock worth $36,234,852 in the last three months. Insiders own 18.10% 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.