Elastic (NYSE:ESTC) Sees Large Decline in Short Interest

Elastic (NYSE:ESTC) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 4,080,000 shares, a decrease of 8.3% from the August 15th total of 4,450,000 shares. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is currently 3.0 days. Currently, 4.7% of the company’s shares are short sold.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.88, for a total value of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Elastic news, CTO Shay Banon sold 180,000 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $107.82, for a total value of $19,407,600.00. Following the transaction, the chief technology officer now directly owns 2,874,978 shares of the company’s stock, valued at approximately $309,980,127.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $109.88, for a total value of $1,061,880.32. Following the sale, the chief executive officer now directly owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 347,070 shares of company stock worth $36,234,852. 18.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several institutional investors and hedge funds have recently bought and sold shares of ESTC. Asset Dedication LLC lifted its position in shares of Elastic by 1,333.3% during 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 period. AlphaCentric Advisors LLC acquired a new position in Elastic during the second quarter worth $40,000. Quarry LP bought a new position in shares of Elastic during the second quarter valued at $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic in the 2nd quarter valued at $43,000. Finally, Signaturefd LLC grew its holdings in shares of Elastic by 44.1% in 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. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

Shares of NYSE ESTC traded down $0.24 during mid-day trading on Wednesday, hitting $74.92. The company had a trading volume of 733,162 shares, compared to its average volume of 1,341,199. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market cap of $7.62 billion, a P/E ratio of 141.92 and a beta of 0.95. The business’s 50-day simple moving average is $100.13 and its 200-day simple moving average is $103.62.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) EPS. As a group, analysts predict that Elastic will post -0.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Piper Sandler cut their price objective on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. Scotiabank cut their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. JPMorgan Chase & Co. reduced their price objective on shares of Elastic from $138.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, May 24th. Rosenblatt Securities reissued a “buy” rating and set a $136.00 target price on shares of Elastic in a research report on Tuesday, August 27th. Finally, Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus target price of $104.24.

Elastic Company Profile

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.