No Street GP LP Makes New Investment in Elastic (NYSE:ESTC)

No Street GP LP purchased a new position in Elastic (NYSE:ESTC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 340,000 shares of the company’s stock, valued at approximately $33,687,000. Elastic comprises about 2.2% of No Street GP LP’s holdings, making the stock its 15th largest holding. No Street GP LP owned approximately 0.33% of Elastic as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. SBI Securities Co. Ltd. acquired a new stake in Elastic in the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. bought a new stake in shares of Elastic during the 4th quarter worth $25,000. Venturi Wealth Management LLC grew its stake in Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after acquiring an additional 158 shares during the period. Finally, Global Retirement Partners LLC lifted its position in Elastic by 1,065.2% during the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock worth $53,000 after acquiring an additional 490 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at $8,757,852.68. This represents a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the transaction, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock worth $20,847,452 over the last ninety days. Company insiders own 15.90% of the company’s stock.

Elastic Stock Performance

ESTC stock opened at $93.56 on Wednesday. The company has a 50 day moving average price of $86.67 and a 200 day moving average price of $96.99. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a market capitalization of $9.77 billion, a PE ratio of 170.11 and a beta of 1.20.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The firm had revenue of $382.08 million for 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%. Analysts forecast that Elastic will post -0.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ESTC shares. UBS Group raised their price target on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald assumed coverage on Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target on the stock. Truist Financial cut their price target on Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, March 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 target price on shares of Elastic in a research report on Tuesday, February 25th. Finally, Scotiabank cut their target price on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Seven 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $127.48.

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.