Royal Bank of Canada Has $10.38 Million Stock Holdings in Elastic (NYSE:ESTC)

Royal Bank of Canada increased its stake in shares of Elastic (NYSE:ESTC – Get Rating) by 101.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,751 shares of the company’s stock after purchasing an additional 72,815 shares during the quarter. Royal Bank of Canada owned approximately 0.15% of Elastic worth $10,384,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of Elastic by 94.4% in the third quarter. Allworth Financial LP now owns 383 shares of the company’s stock worth $27,000 after purchasing an additional 186 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Elastic by 79.8% in the second quarter. Quadrant Capital Group LLC now owns 446 shares of the company’s stock valued at $30,000 after purchasing an additional 198 shares during the period. Altshuler Shaham Ltd acquired a new stake in Elastic in the third quarter valued at $43,000. Wipfli Financial Advisors LLC acquired a new stake in Elastic in the third quarter valued at $47,000. Finally, CWM LLC increased its holdings in Elastic by 26.6% in the third quarter. CWM LLC now owns 1,431 shares of the company’s stock valued at $103,000 after purchasing an additional 301 shares during the period. 78.40% of the stock is currently owned by institutional investors and hedge funds.

Elastic Trading Down 6.2 %

ESTC opened at $56.26 on Friday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.89 and a quick ratio of 1.91. Elastic has a fifty-two week low of $46.18 and a fifty-two week high of $96.12. The firm has a market capitalization of $5.43 billion, a PE ratio of -20.84 and a beta of 1.09. The company’s 50-day moving average is $57.17 and its 200 day moving average is $63.17.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ESTC. Canaccord Genuity Group decreased their price objective on Elastic from $82.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, January 18th. Rosenblatt Securities reiterated a “buy” rating and set a $96.00 price target on shares of Elastic in a report on Wednesday, March 1st. Wedbush initiated coverage on Elastic in a report on Wednesday, December 14th. They set a “neutral” rating and a $67.00 price target for the company. Oppenheimer decreased their price target on Elastic from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Tuesday, January 3rd. Finally, Piper Sandler decreased their price target on Elastic from $70.00 to $62.00 in a report on Thursday, January 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.38.

About Elastic

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Elastic NV engages in the provision of open-source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.