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Hedge Funds Are Crazy About Elastic N.V. (ESTC)

As nosotros already know from media reports and hedge fund investor letters, hedge funds delivered their best returns in a decade. Most investors who decided to stick with hedge funds after a crude 2018 recouped their losses by the end of the 4th quarter of 2019. A meaning number of hedge funds continued their stiff performance in 2020 and 2021 every bit well. Nosotros get to see hedge funds' thoughts towards the market and individual stocks by accumulation their quarterly portfolio movements and reading their investor letters. In this commodity, nosotros will peculiarly have a look at what hedge funds recall nearly Elastic Northward.V. (NYSE:ESTC).

Rubberband North.Five. (NYSE:ESTC) shareholders accept witnessed an increase in hedge fund interest in recent months. Elastic N.V. (NYSE:ESTC) was in 59 hedge funds' portfolios at the finish of September. The all fourth dimension high for this statistic was previously 55. This means the bullish number of hedge fund positions in this stock currently sits at its all fourth dimension high. At that place were 55 hedge funds in our database with ESTC positions at the finish of the second quarter. Our calculations also showed that ESTC isn't among the 30 about popular stocks among hedge funds (click for Q3 rankings).

At Insider Monkey, we scour multiple sources to uncover the side by side great investment idea. For instance, lithium prices have more than than doubled over the past twelvemonth, and so we go through lists like the 10 all-time EV stocks to choice the next Tesla that will deliver a 10x render. Fifty-fifty though nosotros recommend positions in simply a tiny fraction of the companies nosotros analyze, we check out as many stocks as we tin. Now let'southward analyze the new hedge fund action surrounding Elastic N.V. (NYSE:ESTC).

Alex Sacerdote of Whale Rock Capital Management

Do Hedge Funds Call back ESTC Is A Good Stock To Purchase Now?

At the end of the third quarter, a total of 59 of the hedge funds tracked past Insider Monkey were long this stock, a change of 7% from the previous quarter. By comparison, 36 hedge funds held shares or bullish telephone call options in ESTC a yr ago. And so, allow's find out which hedge funds were amid the meridian holders of the stock and which hedge funds were making large moves.

The largest stake in Elastic N.V. (NYSE:ESTC) was held past Sylebra Upper-case letter Management, which reported holding $675.8 million worth of stock at the end of September. It was followed by Tiger Global Management LLC with a $598.9 million position. Other investors bullish on the company included Whale Rock Capital letter Direction, Marcho Partners, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Sylebra Capital Management allocated the biggest weight to Elastic North.V. (NYSE:ESTC), around 15.21% of its 13F portfolio. Greenhaven Route Investment Management is also relatively very bullish on the stock, dishing out eleven.77 pct of its 13F equity portfolio to ESTC.

Consequently, key money managers have been driving this bullishness. Honeycomb Asset Management, managed past David Fiszel, initiated the nigh valuable position in Elastic N.V. (NYSE:ESTC). Honeycomb Asset Management had $46.nine 1000000 invested in the company at the stop of the quarter. Aaron Cowen'southward Suvretta Upper-case letter Management as well made a $40.iv million investment in the stock during the quarter. The other funds with make new ESTC positions are Peter S. Park'due south Park Westward Asset Management, Richard Gerson and Navroz D. Udwadia'due south Falcon Edge Majuscule, and Joseph Samuels's Islet Management.

Let'due south now take a look at hedge fund activeness in other stocks similar to Elastic Northward.V. (NYSE:ESTC). These stocks are Leidos Holdings Inc (NYSE:LDOS), The Mosaic Company (NYSE:MOS), Vail Resorts, Inc. (NYSE:MTN), Suzano S.A. (NYSE:SUZ), GameStop Corp. (NYSE:GME), Howmet Aerospace Inc. (NYSE:HWM), and Futu Holdings Express (NASDAQ:FUTU). All of these stocks' market caps are similar to ESTC's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position LDOS,14,206379,-8 MOS,forty,912653,-three MTN,40,644916,0 SUZ,6,47280,2 GME,nine,80933,-9 HWM,44,3495496,-3 FUTU,23,664044,-8 Average,25.1,864529,-4.ane [/table]

View tabular array hither if you experience formatting problems.

As you can encounter these stocks had an average of 25.i hedge funds with bullish positions and the boilerplate amount invested in these stocks was $865 million. That effigy was $2986 one thousand thousand in ESTC'south case. Howmet Aerospace Inc. (NYSE:HWM) is the near pop stock in this tabular array. On the other manus Suzano Due south.A. (NYSE:SUZ) is the to the lowest degree popular i with only 6 bullish hedge fund positions. Compared to these stocks Rubberband N.V. (NYSE:ESTC) is more popular among hedge funds. Our overall hedge fund sentiment score for ESTC is 89. Stocks with higher number of hedge fund positions relative to other stocks too equally relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.eight% in 2019 and 2020, and outperformed the Due south&P 500 ETF (SPY) by 40 pct points. These stocks gained 28.half-dozen% in 2021 through November 30th and all the same beat the market place by 5.half-dozen percentage points. Unfortunately ESTC wasn't nearly as pop every bit these five stocks and hedge funds that were betting on ESTC were disappointed as the stock returned iv.iii% since the end of the third quarter (through eleven/30) and underperformed the market place. If you are interested in investing in big cap stocks with huge upside potential, you should check out the height 5 most popular stocks among hedge funds every bit most of these stocks already outperformed the market place since 2019.

Get existent-time electronic mail alerts: Follow Rubberband N.v. (NYSE:ESTC)

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Disclosure: None. This commodity was originally published at Insider Monkey.

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Source: https://finance.yahoo.com/news/hedge-funds-crazy-elastic-n-194939871.html

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