Cinctive Capital Management LP Increases Stake in Elastic (NYSE:ESTC)

Cinctive Capital Management LP increased its holdings in Elastic (NYSE:ESTC) by 1,876.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,051 shares of the company’s stock after purchasing an additional 75,051 shares during the quarter. Cinctive Capital Management LP’s holdings in Elastic were worth $7,832,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Slow Capital Inc. purchased a new stake in Elastic during the 4th quarter valued at $5,039,000. Wealth Effects LLC boosted its holdings in shares of Elastic by 25.4% during the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after purchasing an additional 5,830 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Elastic by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after purchasing an additional 14,590 shares during the last quarter. Bangor Savings Bank bought a new position in Elastic in the fourth quarter worth $1,657,000. Finally, Smith Group Asset Management LLC purchased a new stake in shares of Elastic in the 4th quarter worth about $3,408,000. 97.03% of the stock is owned by institutional investors.

Elastic Trading Up 2.5 %

Elastic stock opened at $91.31 on Wednesday. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The firm has a market capitalization of $9.53 billion, a price-to-earnings ratio of 166.02 and a beta of 1.20. The firm has a 50 day moving average of $104.84 and a 200 day moving average of $96.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. As a group, research analysts predict that Elastic will post -0.77 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wedbush cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Scotiabank lowered their target price on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. UBS Group upped their price target on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 price objective on shares of Elastic in a research report on Tuesday, February 25th. Finally, Truist Financial cut their target price on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday. Seven 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’s stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and an average target price of $130.74.

Insider Transactions at Elastic

In other Elastic news, insider Carolyn Herzog sold 3,334 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the transaction, the insider now directly owns 84,152 shares in the company, valued at $7,639,318.56. This represents a 3.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 over the last 90 days. Company insiders own 15.90% of the company’s stock.

Elastic Company 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.