Short Interest in Elastic (NYSE:ESTC) Decreases By 11.2%

Elastic (NYSE:ESTC) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,010,000 shares, a decline of 11.2% from the October 15th total of 3,390,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the short-interest ratio is currently 2.4 days. Currently, 3.5% of the shares of the stock are short sold.

Elastic Stock Down 0.3 %

ESTC stock traded down $0.26 during trading on Tuesday, reaching $85.80. 140,702 shares of the stock were exchanged, compared to its average volume of 1,269,384. The firm’s 50 day moving average is $80.11 and its 200 day moving average is $97.24. The firm has a market cap of $8.82 billion, a P/E ratio of 156.47 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. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last issued its earnings results 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. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. Elastic’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, research analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other news, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Asset Dedication LLC lifted its position in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Elastic during the second quarter valued at approximately $40,000. Quarry LP bought a new stake in Elastic during the second quarter worth $40,000. Lynx Investment Advisory purchased a new stake in Elastic in the 2nd quarter valued at $43,000. Finally, Signaturefd LLC lifted its stake in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $136.00 target price on shares of Elastic in a research note on Tuesday, August 27th. Canaccord Genuity Group cut their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. 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 report on Friday, August 30th. Jefferies Financial Group reduced their price objective on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Scotiabank dropped their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.19.

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.