M&T Bank Corp Grows Stake in Elastic (NYSE:ESTC)

M&T Bank Corp lifted its holdings in Elastic (NYSE:ESTC) by 11.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,164 shares of the company’s stock after purchasing an additional 332 shares during the quarter. M&T Bank Corp’s holdings in Elastic were worth $357,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in Elastic by 3.7% during the 4th quarter. Amalgamated Bank now owns 17,341 shares of the company’s stock valued at $1,954,000 after purchasing an additional 612 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Elastic during the 4th quarter valued at about $18,027,000. New York Life Investment Management LLC increased its holdings in shares of Elastic by 8.0% in the fourth quarter. New York Life Investment Management LLC now owns 8,956 shares of the company’s stock valued at $1,009,000 after purchasing an additional 661 shares during the period. Victory Capital Management Inc. raised its stake in shares of Elastic by 24.1% in the fourth quarter. Victory Capital Management Inc. now owns 10,875 shares of the company’s stock worth $1,226,000 after purchasing an additional 2,114 shares during the last quarter. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of Elastic during the fourth quarter worth about $45,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Janesh Moorjani sold 5,515 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $103.28, for a total transaction of $569,589.20. Following the transaction, the chief financial officer now owns 156,797 shares of the company’s stock, valued at approximately $16,193,994.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Janesh Moorjani sold 5,515 shares of Elastic stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $103.28, for a total transaction of $569,589.20. Following the sale, the chief financial officer now owns 156,797 shares of the company’s stock, valued at approximately $16,193,994.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven Schuurman sold 815,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $97.54, for a total value of $79,495,100.00. Following the completion of the transaction, the director now owns 8,382,000 shares of the company’s stock, valued at $817,580,280. The disclosure for this sale can be found here. Insiders sold 962,440 shares of company stock valued at $94,535,764 in the last three months. 18.10% of the stock is currently owned by insiders.

Elastic Trading Up 1.8 %

Shares of ESTC opened at $111.23 on Thursday. Elastic has a 52-week low of $57.38 and a 52-week high of $136.06. The stock has a market cap of $11.21 billion, a PE ratio of 241.80 and a beta of 0.92. The firm’s fifty day moving average is $102.08 and its two-hundred day moving average is $105.22. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.80.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.01. Elastic had a net margin of 4.63% and a negative return on equity of 23.94%. The firm had revenue of $327.96 million for the quarter, compared to the consensus estimate of $320.48 million. Research analysts forecast that Elastic will post -1.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on ESTC. Royal Bank of Canada lifted their price objective on shares of Elastic from $134.00 to $147.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Rosenblatt Securities boosted their price objective on Elastic from $105.00 to $136.00 and gave the company a “buy” rating in a report on Friday, March 1st. Citigroup reduced their price target on Elastic from $165.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, March 4th. The Goldman Sachs Group lifted their target price on shares of Elastic from $93.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Finally, Barclays dropped their price target on shares of Elastic from $130.00 to $128.00 and set an “equal weight” rating on the stock in a research report on Friday, March 1st. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.26.

Elastic 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.