Clearline Capital LP Increases Position in Elastic (NYSE:ESTC)

Clearline Capital LP raised its position in shares of Elastic (NYSE:ESTC) by 449.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,107 shares of the company’s stock after purchasing an additional 63,879 shares during the period. Clearline Capital LP’s holdings in Elastic were worth $5,995,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Asset Dedication LLC increased its position in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in Elastic in the 2nd quarter worth approximately $40,000. Quarry LP purchased a new stake in Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in Elastic during the second quarter valued at approximately $43,000. Finally, Signaturefd LLC raised its stake in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 198,551 shares of company stock valued at $20,506,656 in the last quarter. 15.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ESTC. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $95.00 to $135.00 in a research note on Friday, November 22nd. Citigroup boosted their price target on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Jefferies Financial Group increased their price objective on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Oppenheimer raised their price target on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, TD Cowen decreased their target price on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Five investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Price Performance

NYSE ESTC opened at $109.46 on Monday. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 199.02 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.91. The business’s fifty day moving average price is $85.26 and its 200-day moving average price is $97.01.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Elastic’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) earnings per share. On average, equities analysts predict that Elastic will post -0.79 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.