WCM Investment Management LLC Grows Holdings in Elastic N.V. (NYSE:ESTC)

WCM Investment Management LLC grew its stake in Elastic N.V. (NYSE:ESTC) by 0.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 23,811 shares of the company’s stock after acquiring an additional 169 shares during the period. WCM Investment Management LLC’s holdings in Elastic were worth $2,183,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thrivent Financial for Lutherans raised its stake in shares of Elastic by 187.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company’s stock valued at $899,000 after acquiring an additional 5,919 shares during the period. Cetera Investment Advisers raised its stake in shares of Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company’s stock valued at $714,000 after acquiring an additional 843 shares during the period. Principal Financial Group Inc. raised its stake in shares of Elastic by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 7,299 shares of the company’s stock valued at $723,000 after acquiring an additional 241 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Elastic by 0.8% in the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company’s stock valued at $47,838,000 after acquiring an additional 3,772 shares during the period. Finally, Magnetar Financial LLC purchased a new stake in Elastic during the 4th quarter worth approximately $801,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Elastic from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Rosenblatt Securities cut their target price on shares of Elastic from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Royal Bank Of Canada cut their target price on shares of Elastic from $119.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Truist Financial cut their target price on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. cut their target price on shares of Elastic from $120.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.52.

Elastic Stock Up 3.9%

Shares of NYSE:ESTC opened at $87.48 on Friday. The stock has a market cap of $9.23 billion, a P/E ratio of -83.31 and a beta of 1.07. The firm has a fifty day moving average price of $86.30 and a 200 day moving average price of $94.33. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.92 and a quick ratio of 1.92. Elastic N.V. has a 1-year low of $69.00 and a 1-year high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. The firm had revenue of $388.43 million during the quarter, compared to analysts’ expectations of $380.61 million. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. Elastic’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 EPS. Sell-side analysts predict that Elastic N.V. will post -0.77 EPS for the current year.

Insider Activity

In related news, insider Carolyn Herzog sold 5,702 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $495,560.82. Following the completion of the sale, the insider owned 93,985 shares in the company, valued at $8,168,236.35. This represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Shay Banon sold 5,117 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $444,718.47. Following the sale, the chief technology officer owned 4,560,291 shares of the company’s stock, valued at approximately $396,334,890.81. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock worth $4,416,324 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

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.