Cornercap Investment Counsel Inc. Sells 5,138 Shares of Elastic (NYSE:ESTC)

Cornercap Investment Counsel Inc. reduced its stake in shares of Elastic (NYSE:ESTC) by 34.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,639 shares of the company’s stock after selling 5,138 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Elastic were worth $1,086,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its holdings in Elastic by 6.6% in the third quarter. PNC Financial Services Group Inc. now owns 2,284 shares of the company’s stock valued at $186,000 after acquiring an additional 142 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Elastic by 19.6% in the third quarter. Advisors Asset Management Inc. now owns 928 shares of the company’s stock valued at $75,000 after acquiring an additional 152 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in Elastic by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 34,154 shares of the company’s stock valued at $2,775,000 after acquiring an additional 170 shares during the last quarter. Utah Retirement Systems boosted its holdings in Elastic by 1.4% in the fourth quarter. Utah Retirement Systems now owns 14,000 shares of the company’s stock valued at $721,000 after acquiring an additional 200 shares during the last quarter. Finally, Truist Financial Corp boosted its holdings in Elastic by 2.9% in the fourth quarter. Truist Financial Corp now owns 7,355 shares of the company’s stock valued at $379,000 after acquiring an additional 207 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Stock Down 2.4 %

ESTC stock opened at $94.87 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $9.56 billion, a PE ratio of 206.24 and a beta of 0.94. Elastic has a 1-year low of $54.06 and a 1-year high of $136.06. The business’s 50 day simple moving average is $111.40 and its 200 day simple moving average is $101.64.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.01. The business had revenue of $327.96 million during the quarter, compared to the consensus estimate of $320.48 million. Elastic had a negative return on equity of 23.94% and a net margin of 4.63%. As a group, research analysts anticipate that Elastic will post -1.13 EPS for the current year.

Insider Activity at Elastic

In related news, Director Steven Schuurman sold 815,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 8,382,000 shares in the company, valued at approximately $817,580,280. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Ashutosh Kulkarni sold 15,778 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $103.28, for a total transaction of $1,629,551.84. Following the completion of the sale, the chief executive officer now directly owns 364,235 shares in the company, valued at approximately $37,618,190.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven Schuurman sold 815,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $97.54, for a total value of $79,495,100.00. Following the sale, 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 worth $94,535,764 in the last ninety days. 18.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ESTC. Oppenheimer raised their target price on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Barclays reduced their target price on Elastic from $130.00 to $128.00 and set an “equal weight” rating on the stock in a report on Friday, March 1st. The Goldman Sachs Group lifted their price objective on Elastic from $93.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Stifel Nicolaus lifted their price objective on Elastic from $99.00 to $130.00 and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Rosenblatt Securities lifted 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. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.