Massachusetts Financial Services Co. MA Has $6.36 Million Holdings in Elastic (NYSE:ESTC)

Massachusetts Financial Services Co. MA grew its stake in Elastic (NYSE:ESTC) by 4.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,823 shares of the company’s stock after acquiring an additional 2,586 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.05% of Elastic worth $6,359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. grew its stake in Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after acquiring an additional 613,774 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Elastic by 7.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 19,746 shares of the company’s stock valued at $2,261,000 after purchasing an additional 1,401 shares during the period. NINE MASTS CAPITAL Ltd bought a new position in shares of Elastic during the second quarter worth about $228,000. American Century Companies Inc. boosted its position in Elastic by 10.0% during the 2nd quarter. American Century Companies Inc. now owns 30,410 shares of the company’s stock worth $3,464,000 after acquiring an additional 2,777 shares during the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Elastic by 75.4% in the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock worth $72,000 after purchasing an additional 270 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

NYSE:ESTC opened at $76.39 on Friday. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 144.13 and a beta of 0.95. The business has a 50 day moving average of $97.52 and a 200 day moving average of $102.97. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the business earned ($0.35) earnings per share. The company’s quarterly revenue was up 18.3% on a year-over-year basis. On average, sell-side analysts predict that Elastic will post -0.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. TD Cowen decreased their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Scotiabank decreased their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. DA Davidson decreased their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Robert W. Baird downgraded shares of Elastic from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $135.00 to $95.00 in a research note on Friday, August 30th. Finally, Piper Sandler lowered their price objective on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.48.

Insider Activity at Elastic

In other news, CTO Shay Banon sold 120,000 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $109.48, for a total transaction of $13,137,600.00. Following the completion of the sale, the chief technology officer now directly owns 2,754,978 shares in the company, valued at $301,614,991.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Shay Banon sold 120,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $109.48, for a total transaction of $13,137,600.00. Following the completion of the transaction, the chief technology officer now owns 2,754,978 shares in the company, valued at $301,614,991.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 9,664 shares of Elastic stock in a transaction on Monday, June 24th. The shares were sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares in the company, valued at approximately $49,698,394.36. The disclosure for this sale can be found here. Insiders sold 167,070 shares of company stock worth $16,827,252 in the last three months. 18.10% of the stock is owned by insiders.

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.