TrueMark Investments LLC Has $2.01 Million Stake in Elastic (NYSE:ESTC)

TrueMark Investments LLC reduced its stake in shares of Elastic (NYSE:ESTC) by 7.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,236 shares of the company’s stock after selling 1,662 shares during the quarter. TrueMark Investments LLC’s holdings in Elastic were worth $2,005,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Slow Capital Inc. acquired a new position in shares of Elastic in the 4th quarter worth approximately $5,039,000. Wealth Effects LLC raised its position in Elastic by 25.4% in the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after purchasing an additional 5,830 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in Elastic in the third quarter worth $585,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after purchasing an additional 14,590 shares during the last quarter. Finally, Bangor Savings Bank acquired a new stake in shares of Elastic in the fourth quarter valued at $1,657,000. 97.03% of the stock is owned by institutional investors.

Elastic Trading Up 0.6 %

NYSE:ESTC opened at $102.26 on Wednesday. The business’s 50-day simple moving average is $105.53 and its 200-day simple moving average is $95.81. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a market capitalization of $10.68 billion, a PE ratio of 185.93 and a beta of 1.20.

Elastic (NYSE:ESTC) last released 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). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Sell-side analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ESTC. Morgan Stanley upped their price target on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Piper Sandler increased their price target on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Canaccord Genuity Group boosted their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald started coverage on Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price objective on the stock. Finally, Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.52.

Insiders Place Their Bets

In other news, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total value of $2,888,420.04. Following the sale, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. The trade was a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’s 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 transaction, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. This trade represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,304 shares of company stock worth $20,334,252. Corporate insiders own 15.90% of the company’s stock.

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.