ArrowMark Colorado Holdings LLC Sells 9,542 Shares of Elastic (NYSE:ESTC)

ArrowMark Colorado Holdings LLC decreased its stake in Elastic (NYSE:ESTC) by 2.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 319,684 shares of the company’s stock after selling 9,542 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Elastic were worth $24,539,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atreides Management LP lifted its holdings in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Elastic during the third quarter valued at approximately $964,000. 272 Capital LP bought a new stake in shares of Elastic in the 3rd quarter valued at approximately $290,000. Edgestream Partners L.P. acquired a new position in shares of Elastic in the 3rd quarter worth approximately $574,000. Finally, Scopia Capital Management LP bought a new position in shares of Elastic during the 3rd quarter worth approximately $18,520,000. Institutional investors own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

ESTC has been the subject of a number of recent analyst reports. TD Cowen dropped their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Jefferies Financial Group lifted their target price on shares of Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Piper Sandler increased their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Canaccord Genuity Group lifted their price objective on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, Citigroup raised their target price on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and an average price target of $126.33.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 150,000 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the sale, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was 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 represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,551 shares of company stock valued at $20,506,656 in the last quarter. 15.90% of the stock is currently owned by insiders.

Elastic Price Performance

Shares of ESTC opened at $109.46 on Monday. The stock has a 50 day simple moving average of $85.26 and a 200 day simple moving average of $97.01. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.91 and a current ratio of 1.99. The firm has a market capitalization of $11.34 billion, a PE ratio of 199.02 and a beta of 0.94.

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

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.