Wealth Effects LLC Increases Stake in Elastic (NYSE:ESTC)

Wealth Effects LLC boosted its stake in Elastic (NYSE:ESTC) by 25.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 28,800 shares of the company’s stock after acquiring an additional 5,830 shares during the quarter. Elastic comprises about 1.0% of Wealth Effects LLC’s portfolio, making the stock its 15th largest position. Wealth Effects LLC’s holdings in Elastic were worth $2,854,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Elastic by 16.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares in the last quarter. ProShare Advisors LLC lifted its position in Elastic by 28.7% during the second quarter. ProShare Advisors LLC now owns 2,873 shares of the company’s stock valued at $327,000 after buying an additional 641 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Elastic during the second quarter worth approximately $683,000. Creative Planning increased its position in shares of Elastic by 21.5% in the second quarter. Creative Planning now owns 9,413 shares of the company’s stock worth $1,072,000 after acquiring an additional 1,668 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Elastic in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Activity

In other news, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the sale, the chief technology officer now owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. The trade was a 5.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This trade represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ESTC. Wells Fargo & Company upped their price target on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Scotiabank dropped their target price on Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Citigroup upped their price target on Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Oppenheimer lifted their price objective on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Canaccord Genuity Group upped their target price on shares of Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $125.35.

Elastic Price Performance

Shares of NYSE:ESTC opened at $105.04 on Tuesday. The company has a market cap of $10.88 billion, a PE ratio of 190.98 and a beta of 1.06. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm has a 50-day simple moving average of $103.34 and a 200 day simple moving average of $95.05. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

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.