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

Elastic (NYSE:ESTC) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,390,000 shares, a drop of 9.8% from the September 30th total of 3,760,000 shares. Currently, 4.0% of the company’s shares are sold short. Based on an average trading volume of 1,320,000 shares, the days-to-cover ratio is presently 2.6 days.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction 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 completion of the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction 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 completion of the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 700.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last quarter. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB acquired a new position in Elastic during the 1st quarter worth approximately $3,104,000. Toronto Dominion Bank purchased a new stake in shares of Elastic during the 1st quarter worth approximately $5,780,000. Quantbot Technologies LP boosted its stake in shares of Elastic by 165.2% during the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after acquiring an additional 8,048 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Elastic by 737.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock worth $1,766,000 after acquiring an additional 15,514 shares in the last quarter. Finally, Interval Partners LP purchased a new stake in shares of Elastic during the 1st quarter worth approximately $1,704,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Stock Performance

ESTC stock traded up $0.74 during trading on Friday, hitting $80.97. The company had a trading volume of 187,843 shares, compared to its average volume of 1,283,761. The firm has a market cap of $8.32 billion, a PE ratio of 145.87 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a 50-day moving average price of $80.72 and a 200-day moving average price of $98.64. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last issued its quarterly 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. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, analysts expect that Elastic will post -0.92 earnings per share for the current year.

Analysts Set New Price Targets

ESTC has been the subject of a number of recent research reports. Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Truist Financial decreased their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Oppenheimer decreased their target price on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Barclays raised Elastic from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $95.00 in a report on Monday, October 7th. Finally, Scotiabank decreased their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

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.