Sumitomo Mitsui Trust Holdings Inc. Makes New Investment in Elastic (NYSE:ESTC)

Sumitomo Mitsui Trust Holdings Inc. bought a new position in Elastic (NYSE:ESTC) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,103 shares of the company’s stock, valued at approximately $237,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in Elastic by 6.6% in the third quarter. PNC Financial Services Group Inc. now owns 2,284 shares of the company’s stock worth $186,000 after purchasing an additional 142 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of Elastic by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 34,154 shares of the company’s stock valued at $2,775,000 after acquiring an additional 170 shares during the last quarter. Covestor Ltd lifted its position in shares of Elastic by 168.3% during the 3rd quarter. Covestor Ltd now owns 448 shares of the company’s stock valued at $36,000 after acquiring an additional 281 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Elastic by 3.6% during the 3rd quarter. Principal Financial Group Inc. now owns 9,624 shares of the company’s stock valued at $782,000 after acquiring an additional 334 shares during the last quarter. Finally, Xponance Inc. lifted its position in shares of Elastic by 3.3% during the 3rd quarter. Xponance Inc. now owns 11,116 shares of the company’s stock valued at $903,000 after acquiring an additional 356 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Trading Up 2.5 %

NYSE ESTC opened at $107.40 on Friday. Elastic has a 1-year low of $54.06 and a 1-year high of $136.06. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $10.83 billion, a PE ratio of 233.48 and a beta of 0.94. The firm’s fifty day simple moving average is $106.93 and its 200-day simple moving average is $102.42.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.01. The business had revenue of $327.96 million for the quarter, compared to the consensus estimate of $320.48 million. Elastic had a net margin of 4.63% and a negative return on equity of 23.94%. As a group, sell-side analysts anticipate that Elastic will post -1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 1,322 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $106.23, for a total transaction of $140,436.06. Following the transaction, the chief technology officer now directly owns 4,518,714 shares of the company’s stock, valued at $480,022,988.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Elastic news, Director Steven Schuurman sold 815,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $97.54, for a total transaction of $79,495,100.00. Following the transaction, the director now directly owns 8,382,000 shares of the company’s stock, valued at $817,580,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Shay Banon sold 1,322 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $106.23, for a total transaction of $140,436.06. Following the sale, the chief technology officer now owns 4,518,714 shares of the company’s stock, valued at $480,022,988.22. The disclosure for this sale can be found here. Insiders have sold 962,440 shares of company stock valued at $94,535,764 over the last three months. 18.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ESTC shares. Royal Bank of Canada increased their price objective on Elastic from $134.00 to $147.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Truist Financial increased their price objective on Elastic from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, February 20th. Barclays cut their price objective on Elastic from $130.00 to $128.00 and set an “equal weight” rating for the company in a research report on Friday, March 1st. Rosenblatt Securities increased their price objective on Elastic from $105.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Stifel Nicolaus increased their price objective on Elastic from $99.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $111.26.

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.