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Carillon Tower Advisers: “Elastic (ESTC) is Well Positioned to Capitalize on Cloud Adoption”

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Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Mid Cap Growth Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. Mid-cap stocks overall posted solid gains in the final quarter of 2021. As was the case for the majority of the year, the Russell Midcap® Growth Index (up 2.85%) lagged behind its Russell Midcap® Value Index (up 8.54%) counterpart. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Carillon Eagle Mid Cap Growth Fund, in its Q4 2021 investor letter, mentioned Elastic N.V. (NYSE: ESTC) and discussed its stance on the firm. Elastic N.V. is a Mountain View, California-based information technology and data analysis services provider with an $8.8 billion market capitalization. ESTC delivered a -22.40% return since the beginning of the year, while its 12-month returns are down by -42.77%. The stock closed at $95.52 per share on February 10, 2022.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Elastic N.V. in its Q4 2021 investor letter:

"Elastic, a provider of data search technology, with applications including website search and security software management, delivered solid earnings results, with accelerating billings growth and strong new customer additions. While guidance came in above expectations, an overall pullback in enterprise software stocks during the quarter did not leave Elastic unscathed. We believe the company is well positioned to capitalize on cloud adoption, and will increasingly cross-sell software to observe, manage, and secure IT networks."

best SaaS stocks to buy and hold for long term profits
best SaaS stocks to buy and hold for long term profits

Photo by Austin Distel on Unsplash

Our calculations show that Elastic N.V. (NYSE: ESTC) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. ESTC was in 59 hedge fund portfolios at the end of the third quarter of 2021, compared to 55 funds in the previous quarter. Elastic N.V. (NYSE: ESTC) delivered a -47.71% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on ESTC in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

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