Nuveen Asset Management LLC Purchases 15,209 Shares of Elastic (NYSE:ESTC)

Posted by Defense World Staff on Feb 28th, 2023

Nuveen Asset Management LLC lifted its position in shares of Elastic (NYSE:ESTC – Get Rating) by 3.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 456,290 shares of the company’s stock after acquiring an additional 15,209 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.48% of Elastic worth $32,734,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its position in shares of Elastic by 10.0% during the third quarter. Canada Pension Plan Investment Board now owns 53,000 shares of the company’s stock worth $3,802,000 after acquiring an additional 4,836 shares during the last quarter. Nishkama Capital LLC grew its stake in shares of Elastic by 214.3% during the third quarter. Nishkama Capital LLC now owns 539,746 shares of the company’s stock worth $38,721,000 after purchasing an additional 367,990 shares during the period. Altshuler Shaham Ltd acquired a new stake in shares of Elastic during the third quarter worth $43,000. Pictet Asset Management SA grew its stake in shares of Elastic by 12.7% during the third quarter. Pictet Asset Management SA now owns 4,930 shares of the company’s stock worth $354,000 after purchasing an additional 556 shares during the period. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Elastic by 9.6% during the third quarter. Oppenheimer & Co. Inc. now owns 7,640 shares of the company’s stock worth $548,000 after purchasing an additional 670 shares during the period. Institutional investors own 78.40% of the company’s stock.

Elastic Stock Down 0.1 %

Shares of NYSE:ESTC opened at $58.08 on Tuesday. The firm has a market cap of $5.55 billion, a P/E ratio of -22.78 and a beta of 1.10. Elastic has a 12-month low of $46.18 and a 12-month high of $96.12. The business has a fifty day simple moving average of $55.83 and a 200 day simple moving average of $64.16. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.45.

Elastic (NYSE:ESTC – Get Rating) last issued its quarterly earnings results on Wednesday, November 30th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.10. Elastic had a negative net margin of 24.46% and a negative return on equity of 53.77%. The firm had revenue of $264.40 million for the quarter, compared to the consensus estimate of $261.25 million. Analysts predict that Elastic will post -1.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ESTC. Royal Bank of Canada decreased their price objective on Elastic from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, November 28th. Wedbush began coverage on Elastic in a research note on Wednesday, December 14th. They set a “neutral” rating and a $67.00 price objective for the company. Rosenblatt Securities decreased their price objective on Elastic to $96.00 in a research note on Friday, December 2nd. Canaccord Genuity Group decreased their target price on Elastic from $82.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, January 18th. Finally, The Goldman Sachs Group decreased their target price on Elastic from $83.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, January 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.00.

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 3,619 shares of the stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $53.60, for a total transaction of $193,978.40. Following the completion of the sale, the chief executive officer now directly owns 355,135 shares in the company, valued at approximately $19,035,236. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Elastic news, CEO Ashutosh Kulkarni sold 3,619 shares of the stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $53.60, for a total transaction of $193,978.40. Following the completion of the sale, the chief executive officer now directly owns 355,135 shares in the company, valued at approximately $19,035,236. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 2,026 shares of the stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $53.60, for a total value of $108,593.60. Following the sale, the chief technology officer now owns 8,245,848 shares of the company’s stock, valued at $441,977,452.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,944 shares of company stock valued at $586,598. 18.80% of the stock is currently owned by insiders.

About Elastic

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Elastic NV engages in the provision of open-source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.