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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Scotiabank dropped their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. DA Davidson dropped their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 30th. Guggenheim started coverage on shares of Elastic in a research report on Wednesday, September 11th. They set a “buy” rating and a $100.00 price target for the company. Wells Fargo & Company lowered their price target on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Finally, Piper Sandler lowered their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.24.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $109.88, for a total value of $1,061,880.32. Following the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at approximately $49,698,394.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Janesh Moorjani sold 6,941 shares of the firm’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 $487,605.25. Following the completion of the sale, 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 filing with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the sale, the chief executive officer now directly owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The disclosure for this sale can be found here. Insiders have sold a total of 347,070 shares of company stock valued at $36,234,852 in the last quarter. Insiders own 18.10% of the company’s stock.

Institutional Trading of Elastic

A number of large investors have recently made changes to their positions in ESTC. Asset Dedication LLC grew its stake in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the second quarter worth approximately $40,000. Quarry LP bought a new stake in shares of Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic in the second quarter worth approximately $43,000. Finally, Signaturefd LLC grew its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Elastic Stock Down 0.2 %

Shares of Elastic stock opened at $74.98 on Thursday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a market capitalization of $7.63 billion, a PE ratio of 141.47 and a beta of 0.95. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a 50-day simple moving average of $99.33 and a two-hundred day simple moving average of $103.42.

Elastic (NYSE:ESTC) last announced 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. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period in the previous year, the business posted ($0.35) earnings per share. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, analysts anticipate that Elastic will post -0.94 EPS 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.