Value Hunters: Look To Elastic N.V. (ESTC)

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    Fidelity Management & Research Co.. recently announced the acquisition of new stake in Elastic N.V. (NYSE:ESTC). The institutional investor has increased its shareholding in the Technology company by 4.95% to 7.65 million shares with purchase of 0.36 million shares. This fresh investment now brings its stake to 8.97% valued currently at $735.6 million. In addition, Sylebra Capital Ltd. raised its holdings by 39678.0 to 5.82 million shares. And The Vanguard Group, Inc. has lifted its position by 21.62% or 0.76 million shares – to 4.3 million shares.

    With over 1.16 million Elastic N.V. (ESTC) shares trading Friday and a closing price of $110.39 on the day, the dollar volume was approximately $128.22 million. The shares have shown a positive weekly performance of 4.20% and its price on 08/28/20 lost nearly -0.69%. Currently, there are 82.06M common shares owned by the public and among those 63.78M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for ESTC have a consensus price objective of $123.85. The analysts have set the share’s price value over the next 12 months at a high of $145.00 and a low of $100.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Elastic N.V. stock is 1.80 for the next 12 months. The average price target is 13.18% above its last price level and an upside to the estimated low will see the stock lose -10.39% over that period. But an upside of 23.87% will see the stock hit the forecast high price target while mean target price for the stock is $125.00.

    Insiders at the company have transacted a total of 233 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 75 of these insider trades were purchases, accounting for 1,487,511 shares. Insider sales of the common stock occurred on 158 occasions, with total insider shares sold totaling 3,063,094 shares.

    The top 3 mutual fund holders in Elastic N.V. are Fidelity Canadian Growth Company, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Fidelity Canadian Growth Company owns 1.51 million shares of the company’s stock, all valued at over $145.11 million. The company sold -0.49 million shares recently to bring their total holdings to about 1.77% of the shares outstanding. Vanguard Total Stock Market Index sold 417.0 shares to see its total holdings shrink to 1.4 million shares valued at over $134.96 million and representing 1.65% of the shares outstanding. Vanguard Small Cap Index Fund sold 10180.0 shares to bring its total holdings to over 1.22 million shares at a value of $117.18 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.43% of the shares outstanding.

    Shares of Elastic N.V. (NYSE: ESTC) opened at $111.39, up $0.23 from a prior closing price of $111.16. However, the script later closed the day at $110.39, down -0.69%. The company’s stock has a 5-day price change of 4.20% and 23.12% over the past three months. ESTC shares are trading 71.68% year to date (YTD), with the 12-month market performance up to 24.37% higher. It has a 12-month low price of $39.01 and touched a high of $117.53 over the same period. Currently, 1.16 million shares have been traded, compared to an average intraday trading volume of 1.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.66%, 17.67%, and 48.77% respectively.

    Institutional ownership of Elastic N.V. (NYSE: ESTC) shares accounts for 77.50% of the company’s 82.06M shares outstanding. Mutual fund holders own 39.18%, while other institutional holders and individual stakeholders account for 46.34% and 34.67% respectively.

    It has a market capitalization of $9.53B. The earnings-per-share (ttm) stands at -$1.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.81% over the week and 4.90% over the month.

    Analysts forecast that Elastic N.V. (ESTC) will achieve an EPS of -$0.2 for the current quarter, -$0.28 for the next quarter and -$0.73 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.23 while analysts give the company a high EPS estimate of -$0.18. Comparatively, EPS for the current quarter was -$0.22 a year ago. Earnings per share for the fiscal year are expected to decrease by -13.80%, and 5.20% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Elastic N.V. (ESTC) as a “Strong Buy” at a consensus score of 1.80. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 3 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the ESTC, a number of firms have released research notes about the stock. Monness Crespi & Hardt stated their Buy rating for the stock in a research note on August 27, 2020, with the firm’s price target at $100-$142. Barclays coverage for the Elastic N.V. (ESTC) stock in a research note released on August 24, 2020 offered a Overweight rating with a price target of $120. RBC Capital Mkts was of a view on August 21, 2020 that the stock is Outperform, while Citigroup gave the stock Buy rating on August 20, 2020, issuing a price target of $90- $126. Monness Crespi & Hardt on their part issued Buy rating on June 04, 2020.

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