Geode Capital Management LLC Has $107.06 Million Stock Holdings in Elastic (NYSE:ESTC)

Geode Capital Management LLC grew its stake in Elastic (NYSE:ESTC) by 3.7% during the third quarter, HoldingsChannel.com reports. The firm owned 1,394,336 shares of the company’s stock after buying an additional 50,355 shares during the period. Geode Capital Management LLC’s holdings in Elastic were worth $107,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC grew its holdings in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. 1832 Asset Management L.P. bought a new position in shares of Elastic during the second quarter worth $248,335,000. Atreides Management LP grew its holdings in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. State Street Corp increased its position in shares of Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after buying an additional 31,663 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Elastic by 32,630.2% during the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of Elastic stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the completion of the transaction, the chief technology officer now owns 2,604,978 shares in the company, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $95.00 to $135.00 in a research report on Friday, November 22nd. Scotiabank increased their target price on Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 22nd. DA Davidson lifted their price target on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Piper Sandler upped their price target on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and an average target price of $126.50.

Elastic Stock Performance

Shares of ESTC opened at $103.91 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a 50-day moving average of $92.89 and a 200-day moving average of $97.32. The company has a market cap of $10.77 billion, a PE ratio of 188.93 and a beta of 1.02. Elastic has a one year low of $69.00 and a one year high of $136.06.

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.