Short Interest in Elastic (NYSE:ESTC) Drops By 5.1%

Elastic (NYSE:ESTC) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 3,760,000 shares, a decline of 5.1% from the September 15th total of 3,960,000 shares. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 4.4% of the shares of the company are sold short.

Elastic Stock Performance

Elastic stock opened at $82.30 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market cap of $8.37 billion, a P/E ratio of 155.28 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average of $85.75 and a 200-day moving average of $99.80.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share 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 negative return on equity of 17.54% and a net margin of 4.62%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company earned ($0.35) EPS. Sell-side analysts expect that Elastic will post -0.91 EPS for the current year.

Insider Activity

In related news, Director Paul R. Auvil III acquired 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, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO Shay Banon sold 2,666 shares of the company’s 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 sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Over the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. 18.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its stake in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Elastic by 44.1% in the 2nd 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. PNC Financial Services Group Inc. boosted its position in shares of Elastic by 8.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock valued at $278,000 after purchasing an additional 185 shares in the last quarter. Headlands Technologies LLC grew its stake 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 purchasing an additional 270 shares during the period. Finally, Asset Dedication LLC raised its holdings in 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 purchasing an additional 280 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. William Blair upgraded Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday. TD Cowen dropped their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. UBS Group reduced their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Piper Sandler dropped their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th. Finally, Truist Financial cut their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $103.71.

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.