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

Elastic (NYSE:ESTC) was the target of a large drop in short interest in 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. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is currently 2.8 days. Currently, 4.4% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ESTC shares. Citigroup upped their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Royal Bank of Canada decreased their target price on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. TD Cowen lowered their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Guggenheim started coverage on Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $136.00 price objective on shares of Elastic in a research note on Tuesday, August 27th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $103.71.

Elastic Stock Down 0.9 %

Shares of Elastic stock opened at $81.60 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company’s 50 day moving average is $85.75 and its 200 day moving average is $99.80. The company has a market cap of $8.30 billion, a price-to-earnings ratio of 154.28 and a beta of 0.94.

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. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the prior year, the firm earned ($0.35) EPS. The company’s revenue was up 18.3% compared to the same quarter last year. Research analysts anticipate that Elastic will post -0.91 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 18.10% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

Large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. raised its position in Elastic by 30.8% in the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after acquiring an additional 2,392,356 shares during the period. Vanguard Group Inc. grew its position in shares of Elastic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock valued at $863,440,000 after acquiring an additional 44,597 shares during the period. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the 2nd quarter worth $248,335,000. Assenagon Asset Management S.A. bought a new position in Elastic in the 2nd quarter worth $102,169,000. Finally, Federated Hermes Inc. lifted its position in Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after purchasing an additional 613,774 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.