KLP Kapitalforvaltning AS Makes New $1.78 Million Investment in Elastic (NYSE:ESTC)

KLP Kapitalforvaltning AS purchased a new stake in shares of Elastic (NYSE:ESTC) during the fourth quarter, Holdings Channel reports. The fund purchased 18,000 shares of the company’s stock, valued at approximately $1,783,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in Elastic during the fourth quarter worth $25,000. Geneos Wealth Management Inc. bought a new stake in shares of Elastic during the 4th quarter worth about $25,000. Venturi Wealth Management LLC increased its holdings in shares of Elastic by 793.3% during the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Elastic by 1,065.2% in the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock worth $53,000 after purchasing an additional 490 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

ESTC has been the topic of several analyst reports. Truist Financial increased their price target on Elastic from $135.00 to $145.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $130.00 target price on shares of Elastic in a research note on Tuesday, February 25th. UBS Group boosted their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Robert W. Baird raised their price target on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group boosted their price objective on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.39.

Insider Buying and Selling

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the sale, the executive now directly owns 96,484 shares of the company’s stock, valued at approximately $8,757,852.68. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the sale, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at approximately $271,033,118.73. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock worth $20,847,452 in the last 90 days. 15.90% of the stock is owned by company insiders.

Elastic Trading Down 4.4 %

Shares of ESTC stock opened at $94.96 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a fifty day moving average of $105.43 and a 200-day moving average of $95.83. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 172.65 and a beta of 1.20.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, equities research analysts forecast that Elastic will post -0.77 earnings per share 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.