Krane Funds Advisors LLC Takes Position in Elastic (NYSE:ESTC)

Krane Funds Advisors LLC bought a new position in shares of Elastic (NYSE:ESTC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,542 shares of the company’s stock, valued at approximately $450,000.

A number of other large investors also recently added to or reduced their stakes in ESTC. Vanguard Group Inc. grew its position in shares of Elastic by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Elastic by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after buying an additional 462,974 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Elastic by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock worth $142,663,000 after acquiring an additional 45,076 shares in the last quarter. State Street Corp boosted its position in shares of Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after acquiring an additional 31,663 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Elastic in the fourth quarter valued at $102,485,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ESTC has been the subject of a number of analyst reports. Truist Financial lowered their price target on shares of Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, March 31st. Guggenheim raised their price target on Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald began coverage on shares of Elastic in a research report on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective on the stock. Canaccord Genuity Group lifted their price target on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Morgan Stanley increased their price objective on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Seven equities 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $130.74.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the completion of the sale, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $1,700,575.95. Following the transaction, 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 198,304 shares of company stock valued at $20,847,452 in the last three months. 15.90% of the stock is owned by insiders.

Elastic Price Performance

Shares of ESTC opened at $76.20 on Monday. The company has a 50 day moving average of $103.65 and a two-hundred day moving average of $96.68. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 138.55 and a beta of 1.19.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Elastic 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.