Magnetar Financial LLC Takes $801,000 Position in Elastic (NYSE:ESTC)

Magnetar Financial LLC acquired a new stake in Elastic (NYSE:ESTC) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 8,089 shares of the company’s stock, valued at approximately $801,000.

Several other hedge funds also recently modified their holdings of the stock. M&T Bank Corp grew its holdings in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares in the last quarter. Sigma Planning Corp grew its holdings in shares of Elastic by 3.7% in the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after acquiring an additional 139 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Elastic by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after acquiring an additional 151 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Elastic by 0.7% in the 4th quarter. Van ECK Associates Corp now owns 32,954 shares of the company’s stock valued at $3,265,000 after acquiring an additional 220 shares during the period. Institutional investors own 97.03% of the company’s stock.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction that occurred on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total value of $2,888,420.04. Following the sale, the chief technology officer now owns 2,408,541 shares in the company, valued at $271,033,118.73. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. This represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 193,304 shares of company stock valued at $20,334,252. 15.90% of the stock is currently owned by corporate insiders.

Elastic Stock Performance

ESTC opened at $96.96 on Friday. The firm has a market cap of $10.12 billion, a P/E ratio of 176.29 and a beta of 1.20. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The business’s fifty day moving average is $105.33 and its 200-day moving average is $95.07.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The business had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Sell-side analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Oppenheimer lifted their price objective on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Truist Financial increased their price objective on shares of Elastic from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Guggenheim lifted their target price on shares of Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Canaccord Genuity Group lifted their target price on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $131.52.

About Elastic

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.