Sumitomo Mitsui Trust Group Inc. Acquires New Stake in Elastic (NYSE:ESTC)

Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Elastic (NYSE:ESTC) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,330 shares of the company’s stock, valued at approximately $231,000.

A number of other large investors have also made changes to their positions in ESTC. Vontobel Holding Ltd. grew its holdings in Elastic by 241.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 14,900 shares of the company’s stock valued at $1,144,000 after buying an additional 10,534 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Elastic by 7.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,715 shares of the company’s stock valued at $669,000 after buying an additional 568 shares during the period. Blue Trust Inc. grew its holdings in Elastic by 21.2% in the 3rd quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock valued at $198,000 after buying an additional 452 shares during the period. Wealth Effects LLC grew its holdings in Elastic by 35.4% in the 3rd quarter. Wealth Effects LLC now owns 22,970 shares of the company’s stock valued at $1,763,000 after buying an additional 6,010 shares during the period. Finally, LB Partners LLC purchased a new stake in Elastic in the 3rd quarter valued at about $1,151,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Insider Buying and Selling at Elastic

In other news, CTO Shay Banon sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value of $16,638,000.00. Following the completion of the sale, the chief technology officer now directly owns 2,604,978 shares in the company, valued at approximately $288,944,159.76. The trade was a 5.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock valued at $18,637,562 in the last three months. Corporate insiders own 15.90% of the company’s stock.

Elastic Stock Performance

Shares of ESTC opened at $113.21 on Friday. The business’s 50 day moving average is $105.48 and its two-hundred day moving average is $95.22. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 205.83 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Analysts Set New Price Targets

Several analysts have commented on ESTC shares. Rosenblatt Securities restated a “buy” rating and issued a $120.00 price target on shares of Elastic in a report on Wednesday, November 20th. Citigroup lifted their price target on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Canaccord Genuity Group boosted their target price on Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. The Goldman Sachs Group boosted their target price on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Stifel Nicolaus boosted their target price on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.35.

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.