Elastic (NYSE:ESTC) Short Interest Up 7.8% in December

Elastic (NYSE:ESTC) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 2,480,000 shares, a growth of 7.8% from the November 30th total of 2,300,000 shares. Based on an average trading volume of 1,380,000 shares, the short-interest ratio is currently 1.8 days. Currently, 2.8% of the shares of the company are sold short.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total value of $1,240,884.30. Following the sale, the insider now directly owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,162 shares of company stock worth $18,637,562 in the last 90 days. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Blueshift Asset Management LLC purchased a new position in shares of Elastic in the 3rd quarter valued at $585,000. Charles Schwab Investment Management Inc. increased its position in shares of Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after purchasing an additional 14,590 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Elastic in the 3rd quarter valued at about $1,262,000. Vestcor Inc acquired a new stake in shares of Elastic in the 3rd quarter valued at about $1,919,000. Finally, Daventry Group LP grew its stake in Elastic by 8.6% during the 2nd quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after buying an additional 25,008 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

ESTC has been the topic of several recent analyst reports. Morgan Stanley assumed coverage on shares of Elastic in a research note on Tuesday, December 17th. They set an “overweight” rating and a $130.00 target price on the stock. DA Davidson boosted their price objective on Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Barclays boosted their price objective on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Finally, Truist Financial increased their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $126.50.

Elastic Stock Performance

NYSE:ESTC opened at $99.08 on Thursday. 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 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a market capitalization of $10.27 billion, a PE ratio of 180.15 and a beta of 1.02. The business’s fifty day moving average price is $97.51 and its 200 day moving average price is $96.79.

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.