The PNC Financial Services Group Inc. Raises Stock Holdings in Elastic (NYSE:ESTC)

The PNC Financial Services Group Inc. lifted its holdings in shares of Elastic (NYSE:ESTC) by 39.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,279 shares of the company’s stock after purchasing an additional 645 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in Elastic were worth $253,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Voloridge Investment Management LLC purchased a new position in shares of Elastic during the fourth quarter worth about $4,724,000. Virginia Retirement Systems ET AL boosted its stake in Elastic by 41.1% in the first quarter. Virginia Retirement Systems ET AL now owns 12,700 shares of the company’s stock worth $1,412,000 after buying an additional 3,700 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Elastic by 7.0% in the fourth quarter. Clearbridge Investments LLC now owns 1,432,842 shares of the company’s stock worth $209,381,000 after buying an additional 93,840 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Elastic by 9.4% in the fourth quarter. Wells Fargo & Company MN now owns 951,007 shares of the company’s stock worth $138,971,000 after buying an additional 82,013 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Elastic by 16.0% in the fourth quarter. US Bancorp DE now owns 6,760 shares of the company’s stock worth $987,000 after buying an additional 934 shares in the last quarter. 76.70% of the stock is owned by institutional investors.

ESTC opened at $135.09 on Friday. The business has a fifty day moving average price of $119.63. The company has a market capitalization of $12.13 billion, a P/E ratio of -91.28 and a beta of 1.06. Elastic has a 12-month low of $78.00 and a 12-month high of $176.49.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Tuesday, June 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. Elastic had a negative return on equity of 23.24% and a negative net margin of 21.27%. The business had revenue of $177.60 million during the quarter, compared to the consensus estimate of $158.87 million. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The firm’s quarterly revenue was up 43.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Elastic will post -1.67 EPS for the current fiscal year.

In other news, SVP W.H. Baird Garrett sold 192 shares of the firm’s stock in a transaction on Wednesday, June 9th. The stock was sold at an average price of $133.45, for a total transaction of $25,622.40. Following the completion of the transaction, the senior vice president now directly owns 38,098 shares in the company, valued at $5,084,178.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Janesh Moorjani sold 14,733 shares of the firm’s stock in a transaction on Thursday, April 1st. The shares were sold at an average price of $114.89, for a total value of $1,692,674.37. Following the transaction, the chief financial officer now owns 47,676 shares of the company’s stock, valued at $5,477,495.64. The disclosure for this sale can be found here. Insiders have sold 39,880 shares of company stock valued at $4,762,219 over the last 90 days. Corporate insiders own 25.20% of the company’s stock.

Several analysts have issued reports on ESTC shares. Jefferies Financial Group upped their target price on Elastic from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 3rd. Barclays dropped their price objective on Elastic from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, June 3rd. Bank of America assumed coverage on Elastic in a research note on Thursday, May 27th. They set a “buy” rating and a $145.00 price objective for the company. Monness Crespi & Hardt increased their price objective on Elastic from $200.00 to $212.00 and gave the company a “buy” rating in a research note on Thursday, June 3rd. Finally, Rosenblatt Securities increased their price objective on Elastic from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, June 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $169.26.

Elastic Profile

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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Institutional Ownership by Quarter for Elastic (NYSE:ESTC)

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