Fifth Third Wealth Advisors LLC Acquires Shares of 16,439 Elastic (NYSE:ESTC)

Fifth Third Wealth Advisors LLC bought a new position in Elastic (NYSE:ESTC) during the third quarter, HoldingsChannel.com reports. The fund bought 16,439 shares of the company’s stock, valued at approximately $1,262,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Elastic in the 1st quarter worth approximately $64,000. Russell Investments Group Ltd. lifted its holdings in shares of Elastic by 993.0% during the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Elastic by 24.6% during the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after buying an additional 441 shares during the last quarter. Vanguard Group Inc. increased its holdings in Elastic by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock worth $863,440,000 after buying an additional 44,597 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in Elastic by 12.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Elastic Stock Up 2.5 %

ESTC opened at $88.25 on Wednesday. The company has a market capitalization of $9.07 billion, a PE ratio of 160.45 and a beta of 0.94. The firm has a 50-day simple moving average of $80.43 and a two-hundred day simple moving average of $97.11. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06.

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

Insider Activity at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the business’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 $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares in the company, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ESTC. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Bank of America lowered shares of Elastic from a “buy” rating to a “neutral” rating and decreased their target price for the company from $140.00 to $94.00 in a research note on Friday, August 30th. Citigroup raised their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Stifel Nicolaus reduced their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, UBS Group dropped their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $104.19.

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.