Highland Capital Management LLC Sells 2,212 Shares of Elastic (NYSE:ESTC)

Highland Capital Management LLC reduced its stake in shares of Elastic (NYSE:ESTC) by 14.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 13,023 shares of the company’s stock after selling 2,212 shares during the quarter. Highland Capital Management LLC’s holdings in Elastic were worth $1,483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake in shares of Elastic by 30.8% in the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after acquiring an additional 2,392,356 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Elastic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock worth $863,440,000 after buying an additional 44,597 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. boosted its position in Elastic by 5.2% in the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 1,004,000 shares of the company’s stock valued at $113,151,000 after buying an additional 50,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Elastic during the second quarter worth $102,169,000. Finally, Goldman Sachs Group Inc. increased its position in Elastic by 77.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock worth $93,996,000 after purchasing an additional 364,418 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Elastic

In other news, CRO Mark Eugene Dodds sold 2,281 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $250,681.90. Following the completion of the sale, the executive now owns 106,344 shares in the company, valued at approximately $11,687,205.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CTO Shay Banon sold 5,260 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $109.89, for a total transaction of $578,021.40. Following the sale, the chief technology officer now directly owns 4,545,856 shares in the company, valued at $499,544,115.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Mark Eugene Dodds sold 2,281 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $250,681.90. Following the completion of the sale, the executive now directly owns 106,344 shares of the company’s stock, valued at approximately $11,687,205.60. The disclosure for this sale can be found here. Insiders have sold a total of 355,312 shares of company stock worth $38,626,610 in the last 90 days. Corporate insiders own 18.10% of the company’s stock.

Wall Street Analyst Weigh In

ESTC has been the topic of several analyst reports. Stifel Nicolaus cut their price objective on shares of Elastic from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, May 31st. Bank of America decreased their price objective on Elastic from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Barclays cut their target price on Elastic from $128.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday, May 31st. Scotiabank decreased their target price on Elastic from $154.00 to $135.00 and set a “sector outperform” rating for the company in a research report on Friday, May 31st. Finally, Robert W. Baird cut their price target on shares of Elastic from $137.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $120.84.

Elastic Stock Up 3.2 %

Shares of ESTC traded up $3.37 during mid-day trading on Monday, hitting $109.03. 43,954 shares of the company’s stock were exchanged, compared to its average volume of 1,233,499. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76. Elastic has a 52 week low of $57.38 and a 52 week high of $136.06. The company has a market cap of $11.09 billion, a PE ratio of 199.36 and a beta of 0.98. The company has a 50-day simple moving average of $110.79 and a 200 day simple moving average of $109.21.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. The business had revenue of $335.00 million during the quarter, compared to the consensus estimate of $329.15 million. On average, research analysts forecast that Elastic will post -1.12 earnings per share for the current fiscal year.

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.