Exchange Traded Concepts LLC Increases Holdings in Elastic (NYSE:ESTC)

by · The Cerbat Gem

Exchange Traded Concepts LLC boosted its holdings in shares of Elastic (NYSE:ESTC – Free Report) by 51.8% during the third quarter, Holdings Channel reports. The firm owned 27,666 shares of the company’s stock after acquiring an additional 9,444 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Elastic were worth $2,124,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Baillie Gifford & Co. increased its holdings in Elastic by 30.8% during the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock valued at $1,018,110,000 after purchasing an additional 2,392,356 shares during the period. Vanguard Group Inc. boosted its position in Elastic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock valued at $863,440,000 after acquiring an additional 44,597 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Elastic during the 2nd quarter valued at approximately $248,335,000. Assenagon Asset Management S.A. bought a new position in shares of Elastic in the 2nd quarter worth approximately $102,169,000. Finally, Federated Hermes Inc. raised its position in shares of 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 acquiring an additional 613,774 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Insider Activity

In other news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 in the last ninety days. 18.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on ESTC shares. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. Canaccord Genuity Group decreased their target price on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $140.00 to $94.00 in a research report on Friday, August 30th. TD Cowen decreased their target price on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Finally, Wells Fargo & Company cut their price target on Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Check Out Our Latest Research Report on ESTC

Elastic Price Performance

NYSE ESTC opened at $83.10 on Tuesday. The business’s fifty day moving average price is $86.97 and its 200-day moving average price is $100.17. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 156.79 and a beta of 0.94. 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 has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC – Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) EPS. On average, equities analysts predict that Elastic will post -0.91 earnings per share for the current year.

Elastic Profile

(Free Report)

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.

See Also

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