Franklin Resources Inc. Acquires 245,680 Shares of Elastic (NYSE:ESTC)

Franklin Resources Inc. raised its stake in shares of Elastic (NYSE:ESTC) by 256.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 341,524 shares of the company’s stock after acquiring an additional 245,680 shares during the period. Franklin Resources Inc.’s holdings in Elastic were worth $28,387,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new position in Elastic during the second quarter valued at approximately $248,335,000. FMR LLC raised its stake in Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the last quarter. Atreides Management LP lifted its holdings in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. Federated Hermes Inc. boosted its stake in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares during the last quarter. Finally, JAT Capital Mgmt LP grew its holdings in shares of Elastic by 601.4% in the third quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock worth $35,736,000 after acquiring an additional 399,175 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Trading Down 3.1 %

Shares of Elastic stock opened at $103.91 on Thursday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 188.93 and a beta of 1.02. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The business has a 50-day moving average price of $92.89 and a 200-day moving average price of $97.32.

Wall Street Analyst Weigh In

ESTC has been the topic of a number of recent research reports. Piper Sandler increased their target price on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. The Goldman Sachs Group increased their price objective on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. DA Davidson boosted their target price on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Wells Fargo & Company upped their target price on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $126.50.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 150,000 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the transaction, the chief technology officer now directly owns 2,604,978 shares in the company, valued at $288,944,159.76. This represents a 5.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the transaction, the insider now owns 92,011 shares in the company, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.90% of the stock is currently owned by company insiders.

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.