Insider Selling: Elastic (NYSE:ESTC) CEO Sells $1,380,342.25 in Stock

Elastic (NYSE:ESTC) CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ashutosh Kulkarni also recently made the following trade(s):

• On Monday, June 24th, Ashutosh Kulkarni sold 9,664 shares of Elastic stock. The stock was sold at an average price of $109.88, for a total value of $1,061,880.32.

Elastic Trading Down 0.9 %

Shares of ESTC opened at $73.82 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 139.28 and a beta of 0.95. The firm’s 50-day moving average price is $102.47 and its 200-day moving average price is $105.07. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm’s revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) earnings per share. Sell-side analysts anticipate that Elastic will post -0.94 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Asset Dedication LLC grew its holdings in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the 2nd quarter worth approximately $40,000. Quarry LP purchased a new stake in shares of Elastic in the 2nd quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in Elastic during the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC raised its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ESTC has been the topic of a number of recent research reports. TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 30th. Bank of America cut shares of Elastic from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $140.00 to $94.00 in a research report on Friday, August 30th. DA Davidson lowered their price target on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $136.00 price objective on shares of Elastic in a research note on Tuesday, August 27th. Finally, Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $104.24.

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.