M&T Bank Corp Sells 120 Shares of Elastic N.V. (NYSE:ESTC)

M&T Bank Corp lessened its holdings in shares of Elastic N.V. (NYSE:ESTC) by 3.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,425 shares of the company’s stock after selling 120 shares during the period. M&T Bank Corp’s holdings in Elastic were worth $305,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in shares of Elastic during the fourth quarter valued at about $3,019,000. PNC Financial Services Group Inc. lifted its stake in shares of Elastic by 16.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,111 shares of the company’s stock worth $308,000 after buying an additional 437 shares during the period. Avantax Advisory Services Inc. acquired a new position in shares of Elastic in the fourth quarter worth about $1,004,000. Thrivent Financial for Lutherans grew its stake in Elastic by 187.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company’s stock valued at $899,000 after acquiring an additional 5,919 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in Elastic by 11.5% in the 4th quarter. Xponance Inc. now owns 11,980 shares of the company’s stock valued at $1,187,000 after purchasing an additional 1,231 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Insider Buying and Selling at Elastic

In other news, insider Carolyn Herzog sold 5,702 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $495,560.82. Following the sale, the insider directly owned 93,985 shares of the company’s stock, valued at approximately $8,168,236.35. This represents a 5.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Mark Eugene Dodds sold 5,514 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $479,221.74. Following the transaction, the executive directly owned 165,443 shares in the company, valued at approximately $14,378,651.13. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,913 shares of company stock worth $4,416,324 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ESTC has been the topic of a number of recent analyst reports. TD Securities dropped their target price on shares of Elastic from $125.00 to $105.00 and set a “hold” rating on the stock in a research report on Wednesday, May 21st. Jefferies Financial Group lowered their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Monday, April 7th. Piper Sandler reduced their target price on shares of Elastic from $135.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Wells Fargo & Company cut their price target on shares of Elastic from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Finally, Robert W. Baird lowered their price target on shares of Elastic from $125.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $113.52.

Elastic Stock Performance

NYSE:ESTC opened at $86.30 on Friday. The company has a market cap of $9.11 billion, a price-to-earnings ratio of -82.19 and a beta of 1.07. The firm’s 50-day moving average is $86.49 and its 200-day moving average is $93.10. Elastic N.V. has a 52-week low of $69.00 and a 52-week high of $118.84. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.92 and a current ratio of 1.92.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.10. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. The company had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same period last year, the business posted $0.21 earnings per share. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities research analysts anticipate that Elastic N.V. will post -0.77 earnings per share for the current 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.