Millennium Management LLC Trims Holdings in Elastic (NYSE:ESTC)

Millennium Management LLC trimmed its holdings in Elastic (NYSE:ESTC) by 70.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,273 shares of the company’s stock after selling 235,899 shares during the quarter. Millennium Management LLC owned about 0.10% of Elastic worth $11,422,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Daventry Group LP lifted its holdings in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after purchasing an additional 25,008 shares during the last quarter. AXA S.A. raised its stake in Elastic by 8.4% during the second quarter. AXA S.A. now owns 178,542 shares of the company’s stock valued at $20,338,000 after buying an additional 13,905 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in Elastic in the second quarter worth $248,335,000. ProShare Advisors LLC grew its stake in shares of Elastic by 28.7% in the second quarter. ProShare Advisors LLC now owns 2,873 shares of the company’s stock worth $327,000 after acquiring an additional 641 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Elastic by 23.3% during the second quarter. Hsbc Holdings PLC now owns 15,486 shares of the company’s stock valued at $1,772,000 after acquiring an additional 2,927 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost 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 in the company, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is owned by corporate insiders.

Elastic Trading Down 2.4 %

Elastic stock opened at $77.14 on Tuesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm’s 50 day moving average price is $89.40 and its 200-day moving average price is $100.88. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a market cap of $7.85 billion, a P/E ratio of 145.55 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ESTC. Scotiabank cut their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 30th. Guggenheim assumed coverage on shares of Elastic in a report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price objective for the company. UBS Group cut their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Royal Bank of Canada decreased their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Finally, Citigroup increased their price objective on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $103.71.

Elastic Company 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.