Polar Capital Holdings Plc Sells 125,000 Shares of Elastic (NYSE:ESTC)

Polar Capital Holdings Plc reduced its holdings in shares of Elastic (NYSE:ESTC) by 18.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 567,120 shares of the company’s stock after selling 125,000 shares during the quarter. Polar Capital Holdings Plc owned approximately 0.55% of Elastic worth $56,190,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in Elastic in the 4th quarter valued at $102,485,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Elastic by 5,972.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock valued at $73,751,000 after acquiring an additional 732,100 shares in the last quarter. Marshall Wace LLP increased its position in shares of Elastic by 554.9% in the fourth quarter. Marshall Wace LLP now owns 641,041 shares of the company’s stock valued at $63,514,000 after acquiring an additional 543,155 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Elastic during the fourth quarter worth about $46,031,000. Finally, Pictet Asset Management Holding SA boosted its position in Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Trading Down 0.2%

Shares of NYSE:ESTC opened at $93.29 on Thursday. The stock’s 50-day simple moving average is $86.63 and its two-hundred day simple moving average is $96.97. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 169.62 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.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) 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 company had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. Analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In other news, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares in the company, valued at $271,033,118.73. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at approximately $38,140,100.24. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Truist Financial dropped their price objective on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Guggenheim boosted their price objective on shares of Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. DA Davidson cut their target price on shares of Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Morgan Stanley reduced their price target on Elastic from $140.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Scotiabank cut their price objective on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Seven investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.