Elastic (NYSE:ESTC) Short Interest Down 9.8% in October

Elastic (NYSE:ESTC) saw a large decrease in short interest during the month of 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 daily volume of 1,320,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 4.0% of the company’s shares are short sold.

Analysts Set New Price Targets

ESTC has been the topic of several research reports. Wedbush upgraded shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Truist Financial dropped their price target on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and cut their price target for the stock from $140.00 to $94.00 in a report on Friday, August 30th. William Blair upgraded Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Oppenheimer lowered their target price on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Elastic Stock Performance

Shares of ESTC stock traded down $0.75 during trading on Thursday, hitting $80.23. The company’s stock had a trading volume of 596,512 shares, compared to its average volume of 1,288,954. The business has a fifty day moving average of $80.72 and a 200-day moving average of $98.64. The company has a market cap of $8.16 billion, a PE ratio of 151.23 and a beta of 0.94. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates 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 period last year, the firm posted ($0.35) EPS. As a group, research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Activity

In other news, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 700.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the transaction, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is currently owned by insiders.

Institutional Trading of Elastic

Several hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its stake in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC grew its holdings in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the period. QRG Capital Management Inc. grew its holdings in Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares during the period. Headlands Technologies LLC increased its position in Elastic by 75.4% in the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock worth $72,000 after buying an additional 270 shares during the last quarter. Finally, Asset Dedication LLC raised 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 valued at $34,000 after buying an additional 280 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.