Elastic (NYSE:ESTC) Short Interest Down 8.3% in August

Elastic (NYSE:ESTC) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 4,080,000 shares, a decrease of 8.3% from the August 15th total of 4,450,000 shares. Approximately 4.7% of the company’s stock are short sold. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is presently 3.0 days.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were 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 of the company’s stock, valued at approximately $13,737,387.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 347,070 shares of company stock valued at $36,234,852. Corporate insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the business. Asset Dedication LLC grew its holdings in shares of 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 purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Quarry LP bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Lynx Investment Advisory bought a new position in shares of Elastic during the 2nd quarter valued at $43,000. Finally, Signaturefd LLC grew its holdings in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. TD Cowen reduced their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Royal Bank of Canada dropped their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. JPMorgan Chase & Co. dropped their price target on shares of Elastic from $138.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 24th. Stifel Nicolaus dropped their price target on shares of Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Bank of America cut shares of Elastic from a “buy” rating to a “neutral” rating and dropped their price target for the company from $140.00 to $94.00 in a research note on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus price target of $104.24.

Elastic Price Performance

Shares of NYSE:ESTC opened at $74.98 on Thursday. The company’s fifty day moving average price is $99.33 and its 200-day moving average price is $103.42. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 141.47 and a beta of 0.95. Elastic has a one year low of $69.00 and a one year high of $136.06. 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 (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm 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 business’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.35) EPS. On average, equities research analysts anticipate that Elastic will post -0.94 earnings per share for the current fiscal year.

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.