Elastic N.V. (ESTC) Jumped 27% in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Elastic N.V. (NYSE:ESTC) in the third quarter 2023 investor letter. Based in Amsterdam, the Netherlands, Elastic N.V. (NYSE:ESTC) is a data analytics company. On December 15, 2023, Elastic N.V. (NYSE:ESTC) stock closed at $112.73 per share. One-month return of Elastic N.V. (NYSE:ESTC) was 46.29%, and its shares gained 114.23% of their value over the last 52 weeks. Elastic N.V. (NYSE:ESTC) has a market capitalization of $11.231 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Elastic N.V. (NYSE:ESTC) in its Q3 2023 investor letter:

“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Turning to positives, Elastic N.V. (NYSE:ESTC) is a data analytics company, engaged in open-source search and analytics engine services. Its shares jumped 27% on strong fiscal first quarter results with beats across billings, revenues, and earnings. Management noted they are benefiting from the trend of vendor consolidation.”

A group of software engineers working in an open, futuristic office.

Elastic N.V. (NYSE:ESTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Elastic N.V. (NYSE:ESTC) at the end of third quarter which was 45 in the previous quarter.

We discussed Elastic N.V. (NYSE:ESTC) in another article and shared the list of stocks with consistent growth. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.