Elastic (NYSE:ESTC) Stock Price Up 5.4% – Here’s What Happened

Elastic (NYSE:ESTC)’s share price was up 5.4% during mid-day trading on Tuesday . The company traded as high as $107.97 and last traded at $110.56. Approximately 130,676 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,149,269 shares. The stock had previously closed at $104.92.

Wall Street Analysts Forecast Growth

Several research firms have commented on ESTC. Stifel Nicolaus boosted their price target on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Oppenheimer boosted their target price on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Jefferies Financial Group boosted their target price on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Guggenheim increased their price target on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.35.

Elastic Stock Down 3.4 %

The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a 50 day simple moving average of $104.41 and a two-hundred day simple moving average of $95.14. The company has a market capitalization of $11.74 billion, a PE ratio of 205.91 and a beta of 1.06.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. This trade represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,162 shares of company stock worth $18,637,562. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. M&T Bank Corp boosted its position in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. boosted its position in Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after purchasing an additional 201 shares during the period. Oppenheimer & Co. Inc. increased its holdings in Elastic by 3.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Elastic by 0.7% during the fourth quarter. Van ECK Associates Corp now owns 32,954 shares of the company’s stock worth $3,265,000 after purchasing an additional 220 shares in the last quarter. Finally, Geneos Wealth Management Inc. acquired a new position in Elastic during the 4th quarter worth approximately $25,000. Institutional investors and hedge funds 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.