Mackenzie Financial Corp Boosts Stake in Elastic (NYSE:ESTC)

Mackenzie Financial Corp raised its position in Elastic (NYSE:ESTC) by 11.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,843 shares of the company’s stock after purchasing an additional 699 shares during the quarter. Mackenzie Financial Corp’s holdings in Elastic were worth $771,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in Elastic in the 4th quarter worth about $640,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Elastic during the fourth quarter worth approximately $237,000. Aquila Investment Management LLC increased its position in shares of Elastic by 18.8% during the fourth quarter. Aquila Investment Management LLC now owns 19,000 shares of the company’s stock worth $2,141,000 after acquiring an additional 3,000 shares during the period. NewEdge Wealth LLC purchased a new position in shares of Elastic during the fourth quarter worth approximately $245,000. Finally, Cerity Partners LLC purchased a new position in shares of Elastic during the fourth quarter worth approximately $250,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ESTC has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Elastic from $99.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Truist Financial raised their target price on shares of Elastic from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, February 20th. Oppenheimer raised their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Barclays reduced their target price on shares of Elastic from $130.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, March 1st. Finally, Rosenblatt Securities raised their target price on shares of Elastic from $105.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.26.

Insider Transactions at Elastic

In other news, Director Steven Schuurman sold 815,000 shares of Elastic 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 completion of the sale, the director now directly owns 8,382,000 shares in the company, valued at $817,580,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Janesh Moorjani sold 5,515 shares of Elastic stock in a transaction on Monday, March 11th. The shares were sold at an average price of $103.28, for a total transaction of $569,589.20. Following the completion of the sale, the chief financial officer now directly owns 156,797 shares in the company, valued at $16,193,994.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Schuurman sold 815,000 shares of Elastic stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $97.54, for a total transaction of $79,495,100.00. Following the sale, the director now owns 8,382,000 shares of the company’s stock, valued at $817,580,280. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 962,440 shares of company stock worth $94,535,764. Company insiders own 18.10% of the company’s stock.

Elastic Price Performance

Shares of ESTC opened at $104.79 on Friday. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 227.80 and a beta of 0.94. Elastic has a twelve month low of $54.06 and a twelve month high of $136.06. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average of $107.48 and a two-hundred day moving average of $102.40.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 29th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.01. The company had revenue of $327.96 million during 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, analysts predict that Elastic will post -1.13 earnings per share for the current fiscal 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.