MIG Capital LLC Buys Shares of 159,857 Elastic (NYSE:ESTC)

MIG Capital LLC purchased a new position in Elastic (NYSE:ESTC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 159,857 shares of the company’s stock, valued at approximately $15,839,000. Elastic accounts for 1.6% of MIG Capital LLC’s portfolio, making the stock its 21st biggest position.

Several other hedge funds have also recently made changes to their positions in ESTC. Geneos Wealth Management Inc. bought a new position in Elastic in the fourth quarter valued at about $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Elastic in the fourth quarter worth approximately $25,000. Venturi Wealth Management LLC grew its position in Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the period. Smartleaf Asset Management LLC increased its holdings in Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares during the last quarter. Finally, Global Retirement Partners LLC raised its position in Elastic by 1,065.2% in the fourth quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock worth $53,000 after acquiring an additional 490 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the sale, the executive now directly owns 96,484 shares in the company, valued at approximately $8,757,852.68. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the sale, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at $34,183,165.07. This represents a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock worth $20,847,452 over the last three months. 15.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Jefferies Financial Group reduced their price objective on Elastic from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Wedbush cut Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald assumed coverage on shares of Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 target price on the stock. Finally, Robert W. Baird upped their price target on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $130.74.

Elastic Stock Down 7.3 %

Shares of NYSE ESTC opened at $76.20 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The firm’s 50-day moving average price is $103.65 and its 200-day moving average price is $96.53. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of 138.55 and a beta of 1.19.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, equities research analysts anticipate that Elastic will post -0.77 EPS 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.