Insider Selling: Elastic (NYSE:ESTC) CEO Sells $2,447,007.53 in Stock

Elastic N.V. (NYSE:ESTC) CEO Ashutosh Kulkarni sold 40,373 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total value of $2,447,007.53. Following the sale, the chief executive officer directly owned 628,752 shares of the company’s stock, valued at $38,108,658.72. This represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Elastic Price Performance

Shares of ESTC stock opened at $60.33 on Friday. The stock has a 50 day moving average price of $52.80 and a 200 day moving average price of $61.10. The firm has a market capitalization of $6.27 billion, a P/E ratio of 17.24, a P/E/G ratio of 19.91 and a beta of 1.00. Elastic N.V. has a 52-week low of $42.05 and a 52-week high of $96.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.82 and a current ratio of 1.68.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The company had revenue of $450.68 million for the quarter, compared to the consensus estimate of $446.66 million. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.Elastic’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted $0.47 EPS. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, sell-side analysts predict that Elastic N.V. will post 0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on ESTC. Wedbush reduced their price objective on Elastic from $74.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, May 29th. Weiss Ratings upgraded Elastic from a “sell (e+)” rating to a “sell (d+)” rating in a report on Tuesday. Canaccord Genuity Group cut their price target on Elastic from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, May 29th. Oppenheimer cut their price target on Elastic from $85.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, May 29th. Finally, Stifel Nicolaus set a $65.00 price target on Elastic in a report on Friday, May 29th. Eighteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.04.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ESTC. Focus Partners Wealth purchased a new position in shares of Elastic in the 1st quarter valued at $494,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Elastic by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company’s stock worth $98,000 after purchasing an additional 171 shares in the last quarter. Invesco Ltd. boosted its position in shares of Elastic by 11.7% in the 2nd quarter. Invesco Ltd. now owns 95,332 shares of the company’s stock worth $8,039,000 after purchasing an additional 9,990 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Elastic by 400.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,110 shares of the company’s stock worth $178,000 after purchasing an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Elastic by 24.7% in the 2nd quarter. Cerity Partners LLC now owns 30,545 shares of the company’s stock worth $2,576,000 after purchasing an additional 6,056 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.