Elastic (NYSE:ESTC) Sees Large Decline in Short Interest

Elastic (NYSE:ESTC) saw a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,010,000 shares, a drop of 11.2% from the October 15th total of 3,390,000 shares. Based on an average trading volume of 1,280,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 3.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group decreased their price target on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Stifel Nicolaus reduced their price objective on shares of Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. UBS Group reduced their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and an average price target of $104.19.

Elastic Price Performance

NYSE ESTC traded down $2.91 on Friday, reaching $86.32. 1,776,617 shares of the company’s stock traded hands, compared to its average volume of 853,199. The stock has a market cap of $8.87 billion, a PE ratio of 156.95 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The stock has a 50-day simple moving average of $79.81 and a 200 day simple moving average of $97.44.

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

Insider Buying and Selling

In other Elastic news, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 19,649 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 value 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. This represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Elastic

Hedge funds and other institutional investors have recently modified their holdings of the stock. 1832 Asset Management L.P. bought a new position in Elastic during the 2nd quarter worth approximately $248,335,000. FMR LLC boosted its stake in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Elastic in the second quarter worth approximately $102,169,000. Atreides Management LP grew its holdings in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 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.