Elastic (NYSE:ESTC) Position Reduced by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC trimmed its stake in shares of Elastic (NYSE:ESTC) by 89.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company’s stock after selling 437,600 shares during the quarter. Summit Partners Public Asset Management LLC’s holdings in Elastic were worth $3,838,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC acquired a new position in Elastic during the 2nd quarter valued at about $40,000. Quarry LP acquired a new position in Elastic during the 2nd quarter valued at about $40,000. Lynx Investment Advisory acquired a new position in Elastic during the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC boosted its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $110.13 on Friday. The stock has a market capitalization of $11.41 billion, a P/E ratio of 200.24 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a current ratio of 1.99, a quick ratio of 1.91 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average price of $83.93 and a two-hundred day moving average price of $97.09.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) EPS. Equities analysts predict that Elastic will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 4.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 198,551 shares of company stock valued at $20,506,656. 15.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ESTC has been the subject of several research reports. Scotiabank raised their price objective on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Citigroup raised their target price on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Monday. Guggenheim raised their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Stifel Nicolaus raised their target price on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic 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.