IVY Lane Capital Management LLC Makes New Investment in Elastic (NYSE:ESTC)

IVY Lane Capital Management LLC purchased a new position in shares of Elastic (NYSE:ESTC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 122,000 shares of the company’s stock, valued at approximately $7,823,000. Elastic comprises about 5.8% of IVY Lane Capital Management LLC’s portfolio, making the stock its 7th biggest position. IVY Lane Capital Management LLC owned 0.13% of Elastic at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ESTC. Charles Schwab Investment Management Inc. boosted its holdings in shares of Elastic by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 467,983 shares of the company’s stock valued at $30,007,000 after buying an additional 4,522 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Elastic by 71.3% in the 2nd quarter. Citigroup Inc. now owns 15,508 shares of the company’s stock valued at $994,000 after buying an additional 6,454 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Elastic by 36.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 71,606 shares of the company’s stock valued at $4,592,000 after buying an additional 19,290 shares during the last quarter. BNP Paribas Arbitrage SNC boosted its holdings in shares of Elastic by 81.6% in the 2nd quarter. BNP Paribas Arbitrage SNC now owns 77,401 shares of the company’s stock valued at $4,963,000 after buying an additional 34,783 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Elastic by 6.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,000 shares of the company’s stock valued at $1,218,000 after buying an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 74.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ESTC shares. Canaccord Genuity Group increased their price target on Elastic from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, September 1st. Truist Financial increased their price target on Elastic from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday. DA Davidson increased their price objective on Elastic from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, October 2nd. Wells Fargo & Company increased their price objective on Elastic from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, September 1st. Finally, Oppenheimer reiterated an “outperform” rating and set a $80.00 price objective on shares of Elastic in a research report on Friday, September 1st. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.06.

Insider Transactions at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 14,376 shares of Elastic stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $77.83, for a total value of $1,118,884.08. Following the completion of the sale, the chief executive officer now directly owns 317,953 shares in the company, valued at $24,746,281.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jonathan Chadwick sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $74.71, for a total transaction of $1,867,750.00. Following the completion of the sale, the director now owns 7,729 shares in the company, valued at $577,433.59. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 14,376 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $77.83, for a total value of $1,118,884.08. Following the sale, the chief executive officer now owns 317,953 shares of the company’s stock, valued at approximately $24,746,281.99. The disclosure for this sale can be found here. Insiders sold 72,470 shares of company stock worth $5,651,090 over the last ninety days. 18.10% of the stock is owned by insiders.

Elastic Price Performance

NYSE:ESTC traded up $0.23 during trading hours on Wednesday, hitting $78.46. The company’s stock had a trading volume of 40,608 shares, compared to its average volume of 1,198,735. The stock has a fifty day simple moving average of $77.97 and a 200-day simple moving average of $69.24. Elastic has a twelve month low of $46.18 and a twelve month high of $84.04. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.85 and a current ratio of 1.85.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 31st. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.06. Elastic had a negative return on equity of 38.73% and a negative net margin of 19.33%. The firm had revenue of $293.75 million for the quarter, compared to analyst estimates of $284.65 million. As a group, equities analysts anticipate that Elastic will post -1.3 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.