Dynamic Technology Lab Private Ltd Cuts Position in Elastic (NYSE:ESTC)

Dynamic Technology Lab Private Ltd decreased its position in shares of Elastic (NYSE:ESTC) by 7.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,947 shares of the company’s stock after selling 615 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Elastic were worth $610,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Asset Dedication LLC increased its position in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic in the second quarter worth approximately $40,000. Quarry LP bought a new position in Elastic during the second quarter valued at approximately $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic during the second quarter worth approximately $43,000. Finally, Signaturefd LLC lifted its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

ESTC has been the topic of several recent research reports. Truist Financial increased their target price on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Canaccord Genuity Group raised their price objective on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. DA Davidson raised their price target on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $95.00 to $135.00 in a research report on Friday, November 22nd. 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 stock. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and an average target price of $126.33.

Insider Activity

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares in the company, valued at approximately $10,244,504.74. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,551 shares of company stock worth $20,506,656. Corporate insiders own 15.90% of the company’s stock.

Elastic Stock Down 1.3 %

ESTC stock opened at $110.13 on Friday. The company has a market capitalization of $11.32 billion, a price-to-earnings ratio of 200.24 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The business’s 50 day moving average price is $83.93 and its two-hundred day moving average price is $97.09. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) earnings per share. As a group, analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

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.