Sandia Investment Management LP Buys Shares of 2,500 Elastic (NYSE:ESTC)

Sandia Investment Management LP bought a new stake in Elastic (NYSE:ESTC) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,500 shares of the company’s stock, valued at approximately $248,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Elastic during the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. acquired a new position in shares of Elastic during the 4th quarter valued at about $25,000. Venturi Wealth Management LLC increased its stake in shares of Elastic by 793.3% during the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in Elastic by 1,065.2% during the 4th quarter. Global Retirement Partners LLC now owns 536 shares of the company’s stock worth $53,000 after purchasing an additional 490 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Buying and Selling

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 transaction, the chief technology officer now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the transaction, the chief executive officer now directly owns 371,591 shares in the company, valued at approximately $38,140,100.24. The trade was a 1.33% decrease in their ownership of the stock. 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 over the last three months. Company insiders own 15.90% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Canaccord Genuity Group increased their target price on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald assumed coverage on shares of Elastic in a research report on Friday, January 17th. They set a “neutral” rating and a $108.00 target price for the company. Wells Fargo & Company increased their target price on shares of Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Scotiabank dropped their target price on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Finally, Truist Financial lowered their price objective on shares of Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.87.

Elastic Price Performance

Shares of ESTC opened at $92.25 on Friday. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 167.73 and a beta of 1.20. 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 has a one year low of $69.00 and a one year high of $123.96. The stock’s fifty day moving average is $86.56 and its 200-day moving average is $97.13.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Equities analysts anticipate that Elastic will post -0.77 EPS for the current year.

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.