Atreides Management LP Has $129.56 Million Stake in Elastic (NYSE:ESTC)

Atreides Management LP lifted its stake in Elastic (NYSE:ESTC) by 57.2% in the third quarter, HoldingsChannel.com reports. The fund owned 1,687,791 shares of the company’s stock after purchasing an additional 614,309 shares during the period. Elastic accounts for 3.3% of Atreides Management LP’s holdings, making the stock its 8th biggest position. Atreides Management LP’s holdings in Elastic were worth $129,555,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Blueshift Asset Management LLC bought a new stake in Elastic during the third quarter valued at approximately $585,000. Fifth Third Wealth Advisors LLC bought a new stake in Elastic during the third quarter valued at approximately $1,262,000. WD Rutherford LLC bought a new stake in Elastic during the second quarter valued at approximately $422,000. Assenagon Asset Management S.A. bought a new stake in Elastic during the second quarter valued at approximately $102,169,000. Finally, Daventry Group LP grew its position in Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after buying an additional 25,008 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Elastic Price Performance

Elastic stock opened at $109.46 on Monday. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 199.02 and a beta of 0.94. The firm’s fifty day moving average is $85.26 and its 200 day moving average is $97.11. The company has a quick ratio of 1.91, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. Sell-side analysts forecast that Elastic will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, Director Paul R. Auvil III acquired 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This trade represents a 4.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,551 shares of company stock worth $20,506,656 over the last quarter. Insiders own 15.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ESTC shares. The Goldman Sachs Group boosted their target price on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Guggenheim lifted their price target on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Oppenheimer lifted their price target on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Wells Fargo & Company lifted their price target on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $135.00 in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus 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.