Baillie Gifford & Co. Trims Position in Elastic (NYSE:ESTC)

Baillie Gifford & Co. trimmed its holdings in Elastic (NYSE:ESTC) by 3.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,411,866 shares of the company’s stock after selling 374,561 shares during the period. Baillie Gifford & Co. owned 0.09% of Elastic worth $722,455,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Elastic by 0.5% during the first quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock worth $863,440,000 after purchasing an additional 44,597 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Elastic during the second quarter worth about $248,335,000. Assenagon Asset Management S.A. purchased a new position in Elastic during the second quarter worth about $102,169,000. Federated Hermes Inc. raised its holdings in Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after purchasing an additional 613,774 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in Elastic by 4.3% during the second quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock worth $56,945,000 after purchasing an additional 20,633 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the transaction, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays raised shares of Elastic from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $95.00 in a report on Monday, October 7th. Rosenblatt Securities restated a “buy” rating and set a $136.00 target price on shares of Elastic in a research report on Tuesday, August 27th. Royal Bank of Canada lowered their target price on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, August 30th. UBS Group lowered their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Jefferies Financial Group lowered their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Elastic Stock Performance

NYSE:ESTC opened at $89.95 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company has a market cap of $9.24 billion, a P/E ratio of 163.55 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm’s 50 day moving average is $78.49 and its two-hundred day moving average is $97.83.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter last year, the firm posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. Analysts expect that Elastic will post -0.92 EPS for the current year.

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.