WCM Investment Management LLC Cuts Position in Elastic (NYSE:ESTC)

WCM Investment Management LLC trimmed its position in shares of Elastic (NYSE:ESTC) by 90.8% during the fourth quarter, Holdings Channel reports. The firm owned 23,642 shares of the company’s stock after selling 232,173 shares during the quarter. WCM Investment Management LLC’s holdings in Elastic were worth $2,371,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ESTC. CWM LLC lifted its stake in Elastic by 2.7% during the 3rd quarter. CWM LLC now owns 26,635 shares of the company’s stock worth $2,045,000 after acquiring an additional 706 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Elastic by 51.8% during the third quarter. Exchange Traded Concepts LLC now owns 27,666 shares of the company’s stock worth $2,124,000 after purchasing an additional 9,444 shares during the period. Vontobel Holding Ltd. increased its stake in Elastic by 241.3% during the third quarter. Vontobel Holding Ltd. now owns 14,900 shares of the company’s stock worth $1,144,000 after purchasing an additional 10,534 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Elastic by 7.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,715 shares of the company’s stock worth $669,000 after purchasing an additional 568 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Elastic by 21.2% in the third quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock valued at $198,000 after purchasing an additional 452 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Shay Banon sold 150,000 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the completion of the sale, the chief technology officer now owns 2,604,978 shares in the company, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares in the company, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by company insiders.

Elastic Trading Up 3.2 %

NYSE:ESTC opened at $116.56 on Tuesday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The stock’s 50 day moving average price is $105.23 and its 200 day moving average price is $94.96. The company has a market capitalization of $12.08 billion, a PE ratio of 211.92 and a beta of 1.07.

Analyst Upgrades and Downgrades

ESTC has been the topic of a number of research reports. Canaccord Genuity Group increased their target price on shares of Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Oppenheimer increased their price objective on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Baird R W raised Elastic from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Scotiabank cut their price target on Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $95.00 to $135.00 in a research note on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.35.

Elastic Company 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.