According to a recent Form 13F filing with the Securities and Exchange Commission, &CenterBook Partners LP significantly increased its stake in Elastic (NYSE:ESTC) during the first quarter. The filing reveals that the investment firm’s position in Elastic rose by an impressive 1,144.3%. As of the latest filing, CenterBook Partners LP now owns 64,902 shares of Elastic’s stock, representing an additional acquisition of 59,686 shares over the course of the quarter.
The cumulative value of CenterBook Partners LP’s holdings in Elastic is estimated to be $3,758,000 as per the most recent filing with the Securities and Exchange Commission. This equates to approximately 0.07% ownership of the company.
Elastic N.V., a data analytics company, specializes in delivering solutions that can operate on public or private clouds within multi-cloud environments. With its flagship offering known as Elastic Stack, the organization provides various software products designed to collect and store data from diverse sources and formats. Additionally, these products facilitate search functionality, analysis capabilities, and data visualization for improved insights.
As organizations increasingly rely on data analytics to drive business decisions, Elastic’s solutions have gained significant traction within various industries. The company’s software offerings enable businesses to harness vast amounts of data efficiently and extract valuable insights to make informed decisions.
Elastic has positioned itself as a leader in meeting the needs of enterprises operating across multi-cloud environments. By providing flexibility and compatibility with both public and private clouds, Elastic offers organizations greater freedom in managing their data infrastructure.
As of September 10, 2023, CenterBook Partners LP’s substantial increase in its stake highlights a growing confidence in Elastic’s future potential as a key player in data analytics solutions. While it remains uncertain what specifically prompted this surge in interest from CenterBook Partners LP, it may indicate positive prospects for Elastic within the market.
Investors should carefully monitor these developments as Elastic continues to evolve its product offerings and expand its presence within the rapidly growing data analytics industry.
Institutional Investors and Hedge Funds Increasing Stakes in Elastic N.V. as Company Attracts Attention in Data Analytics Industry
Elastic N.V., a data analytics company, has been attracting the attention of institutional investors and hedge funds lately. Many of these investors have chosen to increase their stakes in the company, while others have decided to reduce their holdings.
One such investor, Baillie Gifford & Co., raised its stake in Elastic by 29.2% during the first quarter. The firm now owns over 7.6 million shares of the company’s stock valued at $442 million. Similarly, Vanguard Group Inc. increased its stake by 2.2% during the third quarter and now holds over 7.3 million shares worth $528 million.
Another notable investor is FMR LLC, which raised its stake in Elastic by 11.4% during the first quarter. The firm now owns over 6.8 million shares valued at $396 million. BlackRock Inc., on the other hand, saw a 4.8% increase in its stake and now holds over 5.6 million shares worth $499 million.
Perhaps the most surprising increase came from Morgan Stanley, which raised its stake in Elastic by a staggering 830.2% during the fourth quarter. The firm now owns over 4.4 million shares valued at $227 million.
Overall, hedge funds and other institutional investors own approximately three-quarters of Elastic’s stock.
In addition to these investments, several equities research analysts have shared their opinions on Elastic’s prospects. Wells Fargo & Company recently upped their price target on the stock to $70 and gave it an “equal weight” rating. Canaccord Genuity Group also raised their price target to $85 and gave it a “buy” rating.
Despite these positive ratings, seven analysts have given Elastic a hold rating while eleven have labeled it as a buy opportunity. According to Bloomberg data, there is a consensus among analysts that Elastic is a moderate buy with an average price target of $78.44.
Elastic primarily offers its Elastic Stack software products, which allow users to ingest and store data from various sources and formats. The software also enables users to perform search, analysis, and visualization on the data.
In other news, Elastic’s chief technology officer (CTO), Shay Banon, recently sold 150,000 shares of the company’s stock for a total value of $10.5 million. The CTO now holds over 7.9 million shares valued at $558 million.
Director Jonathan Chadwick also sold 25,000 shares of Elastic stock for a total value of $1.6 million. Following the sale, Chadwick now owns 7,729 shares in the company worth approximately $499,061.
Insiders have collectively sold over 226,000 shares of Elastic stock in the past three months with a total value of $15.8 million. Corporate insiders currently own 18.10% of the company’s stock.
Shares of Elastic traded at $77.89 during mid-day trading on September 10th with a trading volume of 789,807 shares. The stock has a 12-month low of $46.18 and a high of $91.30.
Elastic has a market capitalization of $7.67 billion and currently has a negative price-to-earnings ratio (-34.77). The company’s beta is calculated at 1.01.
The business has shown stability with a current ratio of 1.85 and a quick ratio of 1.78. However, it does carry some debt with a debt-to-equity ratio of 1.38.
As we move forward into the future, it will be interesting to see how Elastic continues to attract investor attention and maintain its position as a leader in the data analytics industry.