Melqart Asset Management UK Ltd purchased a new position in Elastic (NYSE:ESTC) in the first quarter, Holdings Channel.com reports. The fund purchased 29,100 shares of the company’s stock, valued at approximately $3,236,000.
Other hedge funds have also made changes to their positions in the company. Total Clarity Wealth Management Inc. purchased a new stake in Elastic in the first quarter worth $26,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Elastic in the fourth quarter worth $44,000. Defined Wealth Management LLC purchased a new stake in Elastic in the fourth quarter worth $49,000. TFO TDC LLC purchased a new stake in Elastic in the first quarter worth $52,000. Finally, Maverick Capital Ltd. bought a new position in Elastic in the first quarter worth $65,000. 76.58% of the stock is owned by institutional investors.
In other Elastic news, CFO Janesh Moorjani sold 14,733 shares of the firm’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $116.40, for a total value of $1,714,921.20. Following the transaction, the chief financial officer now directly owns 51,843 shares of the company’s stock, valued at $6,034,525.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Chadwick sold 6,250 shares of the firm’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $127.83, for a total value of $798,937.50. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at $1,282,007.07. The disclosure for this sale can be found here. Insiders sold 26,147 shares of company stock worth $3,217,675 over the last three months. Insiders own 25.20% of the company’s stock.
Elastic (NYSE:ESTC) last announced its earnings results on Tuesday, June 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.08. The business had revenue of $177.60 million for the quarter, compared to analysts’ expectations of $158.87 million. Elastic had a negative return on equity of 23.15% and a negative net margin of 21.27%. The business’s revenue for the quarter was up 43.7% on a year-over-year basis. During the same period last year, the firm posted ($0.12) earnings per share. Analysts forecast that Elastic will post -1.71 earnings per share for the current fiscal year.
A number of research firms have issued reports on ESTC. increased their price objective on Elastic from $161.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, June 3rd. Zacks Investment Research downgraded Elastic from a “hold” rating to a “sell” rating in a report on Tuesday, June 8th. Bank of America began coverage on Elastic in a report on Thursday, May 27th. They issued 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 stock a “buy” rating in a report on Thursday, June 3rd. Finally, Piper Sandler raised their price target on Elastic from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $170.52.
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.
Featured Story: Equal Weight Rating
Want to see what other hedge funds are holding ESTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elastic (NYSE:ESTC).
Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.