Sylebra Capital LLC Has $451.95 Million Stake in Elastic (NYSE:ESTC)

Sylebra Capital LLC lifted its position in shares of Elastic (NYSE:ESTC) by 62.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,561,462 shares of the company’s stock after acquiring an additional 1,756,842 shares during the quarter. Elastic makes up about 12.5% of Sylebra Capital LLC’s investment portfolio, making the stock its 3rd largest position. Sylebra Capital LLC’s holdings in Elastic were worth $451,950,000 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. Vanguard Group Inc. grew its stake in shares of Elastic by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after purchasing an additional 168,483 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock worth $339,820,000 after purchasing an additional 462,974 shares during the period. Geode Capital Management LLC grew its stake in shares of Elastic by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock worth $142,663,000 after purchasing an additional 45,076 shares during the period. Norges Bank acquired a new stake in shares of Elastic during the fourth quarter worth $102,485,000. Finally, Soma Equity Partners LP grew its stake in shares of Elastic by 61.5% during the fourth quarter. Soma Equity Partners LP now owns 989,349 shares of the company’s stock worth $98,025,000 after purchasing an additional 376,660 shares during the period. Institutional investors own 97.03% of the company’s stock.

Insider Activity

In related news, CTO Shay Banon sold 2,683 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $243,562.74. Following the sale, the chief technology officer now owns 4,535,456 shares in the company, valued at approximately $411,728,695.68. This represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the sale, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. The trade was a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock worth $20,847,452 over the last three months. Corporate insiders own 15.90% of the company’s stock.

Analysts Set New Price Targets

ESTC has been the subject of a number of analyst reports. Robert W. Baird lifted their price objective on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Piper Sandler lifted their price objective on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Wall Street Zen cut Elastic from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, DA Davidson decreased their target price on Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Nine equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and an average price target of $125.96.

Elastic Stock Performance

Shares of Elastic stock opened at $93.03 on Friday. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 169.15 and a beta of 1.20. The stock’s 50-day moving average is $86.35 and its 200-day moving average is $97.47. Elastic has a one year low of $69.00 and a one year high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Equities analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

About Elastic

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.