Parallel Advisors LLC Reduces Position in Elastic (NYSE:ESTC)

Parallel Advisors LLC decreased its position in Elastic (NYSE:ESTC) by 36.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,251 shares of the company’s stock after selling 1,868 shares during the period. Parallel Advisors LLC’s holdings in Elastic were worth $322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nicholas Company Inc. lifted its holdings in shares of Elastic by 3.9% during the fourth quarter. Nicholas Company Inc. now owns 227,624 shares of the company’s stock worth $22,553,000 after purchasing an additional 8,578 shares during the period. Picton Mahoney Asset Management acquired a new stake in Elastic during the 4th quarter valued at approximately $4,804,000. LBP AM SA boosted its holdings in shares of Elastic by 181.4% in the 4th quarter. LBP AM SA now owns 153,084 shares of the company’s stock valued at $15,168,000 after acquiring an additional 98,679 shares during the last quarter. Swiss National Bank increased its stake in shares of Elastic by 1.8% in the fourth quarter. Swiss National Bank now owns 171,800 shares of the company’s stock worth $17,022,000 after acquiring an additional 3,000 shares during the period. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Elastic during the fourth quarter worth $1,004,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Activity at Elastic

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at $8,757,852.68. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the sale, the chief technology officer now directly owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 193,304 shares of company stock valued at $20,334,252. 15.90% of the stock is currently owned by insiders.

Elastic Trading Up 2.3 %

Shares of ESTC stock opened at $96.96 on Friday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock’s fifty day moving average is $105.33 and its two-hundred day moving average is $95.07. The firm has a market capitalization of $10.12 billion, a P/E ratio of 176.29 and a beta of 1.20.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share 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 negative return on equity of 13.20% and a net margin of 4.39%. Research analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on ESTC shares. Bank of America upped their price target on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Scotiabank reiterated an “outperform” rating on shares of Elastic in a research report on Friday, February 28th. DA Davidson upped their price objective on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Canaccord Genuity Group lifted their target price on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $131.52.

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.