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

Elastic (NYSE:ESTC) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totalling 3,390,000 shares, a decrease of 9.8% from the September 30th total of 3,760,000 shares. Based on an average trading volume of 1,320,000 shares, the short-interest ratio is presently 2.6 days. Approximately 4.0% of the company’s stock are sold short.

Analyst Ratings Changes

ESTC has been the subject of a number of recent analyst reports. Wedbush raised Elastic to a “hold” rating in a research note on Thursday, October 17th. UBS Group lowered their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Canaccord Genuity Group cut their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Barclays raised shares of Elastic from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $95.00 in a report on Monday, October 7th. Finally, William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $103.71.

Insider Transactions at Elastic

In related news, CFO Janesh Moorjani sold 6,941 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 $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the sale, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Asset Dedication LLC raised its stake in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic during the second quarter worth $40,000. Quarry LP purchased a new position in Elastic during the 2nd quarter worth $40,000. Lynx Investment Advisory acquired a new position in Elastic during the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC lifted its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Price Performance

Shares of ESTC stock traded up $1.53 on Wednesday, reaching $82.51. 66,242 shares of the company were exchanged, compared to its average volume of 1,289,275. The company has a market cap of $8.39 billion, a price-to-earnings ratio of 152.79 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The business has a 50-day moving average price of $81.31 and a 200 day moving average price of $98.76. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. Equities research analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

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.