JAT Capital Mgmt LP Cuts Position in Elastic (NYSE:ESTC)

JAT Capital Mgmt LP lessened its holdings in Elastic (NYSE:ESTC) by 89.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the company’s stock after selling 415,549 shares during the quarter. Elastic accounts for 0.8% of JAT Capital Mgmt LP’s investment portfolio, making the stock its 25th largest position. JAT Capital Mgmt LP’s holdings in Elastic were worth $4,954,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sigma Planning Corp lifted its stake in shares of Elastic by 3.7% during the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after buying an additional 139 shares in the last quarter. CIBC Asset Management Inc grew its stake in Elastic by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after acquiring an additional 151 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after acquiring an additional 158 shares during the period. Resolute Advisors LLC raised its position in shares of Elastic by 7.1% in the fourth quarter. Resolute Advisors LLC now owns 3,255 shares of the company’s stock worth $323,000 after buying an additional 217 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in Elastic by 0.7% in the fourth quarter. Van ECK Associates Corp now owns 32,954 shares of the company’s stock valued at $3,265,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Shay Banon sold 140,129 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. This trade represents a 5.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total transaction of $513,200.00. Following the completion of the transaction, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at $38,140,100.24. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock valued at $20,847,452 in the last quarter. 15.90% of the stock is currently owned by insiders.

Elastic Price Performance

Shares of NYSE:ESTC opened at $85.92 on Wednesday. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 156.21 and a beta of 1.19. The firm has a fifty day moving average price of $90.57 and a 200 day moving average price of $96.59. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group raised their price target on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Jefferies Financial Group decreased their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company upped their price objective on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Cantor Fitzgerald began coverage on Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price on the stock. Finally, Piper Sandler upped their price target on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Seven investment 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $127.48.

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.