Here’s Why ClearBridge Investments Trimmed its Elastic N.V. (ESTC) Stake

ClearBridge Investments, an investment management company, published its “ClearBridge International Growth ADR Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund invests in structural growth companies and in the second quarter it outperformed the MSCI EAFE Index benchmark. You can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter 2022 letter, ClearBridge Investments discussed its portfolios and the fund performance. The letter mentioned stocks like Elastic N.V. (NYSE:ESTC). Elastic N.V. (NYSE:ESTC) is a technology solutions company, headquartered in Mountain View, California, and has a market capitalization of $7.729 billion. The stock of Elastic N.V. (NYSE:ESTC) closed at $80.75 per share on August 1, 2022. The one-month return of Elastic N.V. (NYSE:ESTC) was 7.69% and its shares lost 44.11% of their value over the last 52 weeks.

Here is what ClearBridge Investments specifically mentioned Elastic N.V. (NYSE:ESTC) in its Q2, 2022 investor letter:

“We trimmed software makers Atlassian (TEAM) and Elastic N.V. (NYSE:ESTC), while both remain fundamentally sound, to manage overall emerging growth exposure. Despite the current headwinds facing the highest-growth areas of international markets, we continue to see compelling valuations that can act as a complement to higher-priced U.S. growth stocks.’’

As per our research Elastic N.V. (NYSE:ESTC) isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. Our database shows that 55 hedge fund portfolios hold Elastic N.V. (NYSE:ESTC)  at the end of the first quarter compared to 60 in the previous quarter.

You can find another article on Elastic N.V. (NYSE:ESTC) that we published in April in which shared Greenhaven Road Capital’s views about the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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