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

Elastic (NYSE:ESTCGet Free Report) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 3,570,000 shares, a growth of 17.4% from the February 29th total of 3,040,000 shares. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is currently 2.5 days. Currently, 4.3% of the shares of the stock are short sold.

Insider Activity

In other Elastic news, CTO Shay Banon sold 1,322 shares of Elastic stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $106.23, for a total value of $140,436.06. Following the completion of the sale, the chief technology officer now directly owns 4,518,714 shares of the company’s stock, valued at approximately $480,022,988.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Shay Banon sold 1,322 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $106.23, for a total transaction of $140,436.06. Following the transaction, the chief technology officer now directly owns 4,518,714 shares in the company, valued at $480,022,988.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 15,778 shares of Elastic stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $103.28, for a total value of $1,629,551.84. Following the completion of the sale, the chief executive officer now owns 364,235 shares of the company’s stock, valued at approximately $37,618,190.80. The disclosure for this sale can be found here. Insiders have sold 962,440 shares of company stock worth $94,535,764 over the last three months. 18.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Morgan Stanley grew its stake in shares of Elastic by 830.2% in the 4th quarter. Morgan Stanley now owns 4,413,451 shares of the company’s stock valued at $227,293,000 after buying an additional 3,938,975 shares in the last quarter. Sylebra Capital LLC acquired a new position in Elastic in the third quarter worth about $318,822,000. Voya Investment Management LLC boosted its stake in shares of Elastic by 253.6% in the 4th quarter. Voya Investment Management LLC now owns 3,542,997 shares of the company’s stock valued at $399,296,000 after purchasing an additional 2,541,024 shares in the last quarter. Alkeon Capital Management LLC increased its holdings in Elastic by 82.1% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,995,985 shares of the company’s stock valued at $162,154,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Elastic during the fourth quarter worth approximately $92,847,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ESTC. Royal Bank of Canada upped their price target on shares of Elastic from $134.00 to $147.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Rosenblatt Securities boosted their target price on shares of Elastic from $105.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Stifel Nicolaus raised their price objective on Elastic from $99.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Truist Financial raised their target price on shares of Elastic from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, February 20th. Finally, Barclays lowered their target price on Elastic from $130.00 to $128.00 and set an “equal weight” rating for the company in a report on Friday, March 1st. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $111.26.

Get Our Latest Stock Report on ESTC

Elastic Price Performance

Shares of NYSE ESTC traded down $3.05 during trading on Tuesday, hitting $97.51. The company had a trading volume of 297,669 shares, compared to its average volume of 1,448,845. The company has a market cap of $9.83 billion, a P/E ratio of 218.50 and a beta of 0.94. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.87 and a current ratio of 1.87. The business’s 50-day moving average is $115.93 and its 200 day moving average is $100.29. Elastic has a 52 week low of $52.30 and a 52 week high of $136.06.

Elastic (NYSE:ESTCGet Free Report) last announced its earnings results on Thursday, February 29th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.01. Elastic had a negative return on equity of 23.94% and a net margin of 4.63%. The company had revenue of $327.96 million for the quarter, compared to analyst estimates of $320.48 million. Equities research analysts predict that Elastic will post -1.13 earnings per share for the current fiscal year.

Elastic Company Profile

(Get Free Report)

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.

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