Elastic (ESTC) shares rose 5.2% in Monday trading after Pictet Asset Management disclosed a 5% stake in the company.
The stake cost $423.2 million and was purchased on behalf of institutional clients, Pictet said Monday in a Schedule 13D regulatory filing. The investment of about 5.29 million Elastic shares reflects the broader strategy of backing companies with strong long-term plans, solid governance and sustainable business practices, Pictet said.
Elastic volume topped 472,000 shares, compared with the daily average of 1.69 million.
Price: 75.48, Change: +3.69, Percent Change: +5.15
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