Elastic Target of Unusually Large Options Trading (NYSE:ESTC)

Elastic (NYSE:ESTC) was the recipient of unusually large options trading on Friday. Investors purchased 4,489 call options on the stock. This is an increase of 178% compared to the typical volume of 1,613 call options.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ESTC shares. Rosenblatt Securities restated a “buy” rating and set a $120.00 target price on shares of Elastic in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer upped their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. DA Davidson upped their price target on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday. Finally, Guggenheim lifted their price objective on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Performance

NYSE:ESTC opened at $108.03 on Friday. The firm has a 50-day moving average price of $81.78 and a 200 day moving average price of $97.04. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. 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 (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period in the previous year, the business earned ($0.35) EPS. Elastic’s revenue was up 18.3% compared to the same quarter last year. Research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 2,666 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares during the period. Signaturefd LLC grew its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. M&T Bank Corp increased its stake in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.