Elastic (NYSE:ESTC) Sees Significant Drop in Short Interest

Elastic (NYSE:ESTC) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 3,760,000 shares, a drop of 5.1% from the September 15th total of 3,960,000 shares. Currently, 4.4% of the shares of the stock are sold short. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is presently 2.8 days.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 over the last 90 days. 18.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC grew its position in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic during the 2nd quarter worth approximately $40,000. Quarry LP purchased a new stake in Elastic during the 2nd quarter worth approximately $40,000. Lynx Investment Advisory purchased a new stake in Elastic during the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC grew its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Stifel Nicolaus decreased their price objective on shares of Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a report on Friday, August 30th. Rosenblatt Securities reiterated a “buy” rating and set a $136.00 price objective on shares of Elastic in a report on Tuesday, August 27th. Finally, Piper Sandler decreased their price objective on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.71.

Elastic Stock Down 0.3 %

Shares of Elastic stock opened at $81.97 on Thursday. The firm’s 50 day moving average price is $86.21 and its 200-day moving average price is $99.92. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a market cap of $8.34 billion, a P/E ratio of 154.66 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm earned ($0.35) EPS. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, sell-side analysts predict that Elastic will post -0.91 EPS for the current fiscal year.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.