JPMorgan Chase & Co. Sells 671,465 Shares of Elastic (NYSE:ESTC)

JPMorgan Chase & Co. cut its holdings in Elastic (NYSE:ESTC) by 14.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,923,526 shares of the company’s stock after selling 671,465 shares during the quarter. JPMorgan Chase & Co. owned 3.79% of Elastic worth $301,170,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Asset Dedication LLC lifted its holdings in shares of Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. Quarry LP purchased a new stake in shares of Elastic during the 2nd quarter valued at about $40,000. Signaturefd LLC grew its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. Eastern Bank purchased a new position in shares of Elastic during the third quarter valued at approximately $61,000. Finally, Headlands Technologies LLC lifted its position in Elastic by 75.4% during the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock valued at $72,000 after purchasing an additional 270 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares in the company, valued at $10,244,504.74. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,162 shares of company stock valued at $18,637,562. Corporate insiders own 15.90% of the company’s stock.

Elastic Trading Down 2.0 %

Elastic stock opened at $101.52 on Monday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm’s 50 day moving average price is $96.29 and its 200-day moving average price is $97.09. 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 stock has a market cap of $10.52 billion, a P/E ratio of 184.58 and a beta of 1.02.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Scotiabank lifted their target price on shares of Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 22nd. DA Davidson lifted their price objective on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Canaccord Genuity Group increased their target price on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Piper Sandler boosted their price target on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $126.50.

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.