Elastic (NYSE:ESTC) Short Interest Down 5.1% in September

Elastic (NYSE:ESTC) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 3,760,000 shares, a decrease of 5.1% from the September 15th total of 3,960,000 shares. Approximately 4.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,320,000 shares, the short-interest ratio is currently 2.8 days.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ESTC. Jefferies Financial Group dropped their price target on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. Royal Bank of Canada lowered their price objective on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. DA Davidson dropped their price objective on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, August 30th. Finally, Guggenheim assumed coverage on Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price for the company. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Insider Activity at Elastic

In other Elastic 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 stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were purchased 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 directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 in the last quarter. Corporate insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its stake in Elastic by 30.8% in the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after purchasing an additional 2,392,356 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Elastic by 0.5% in the first quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock worth $863,440,000 after buying an additional 44,597 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Elastic during the second quarter valued at $248,335,000. Assenagon Asset Management S.A. purchased a new position in Elastic during the second quarter worth about $102,169,000. Finally, Federated Hermes Inc. increased its stake in Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after acquiring an additional 613,774 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Stock Down 0.9 %

Shares of NYSE:ESTC opened at $81.60 on Friday. The company has a market capitalization of $8.30 billion, a PE ratio of 154.28 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The business has a fifty day moving average price of $85.75 and a two-hundred day moving average price of $99.80.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the company earned ($0.35) earnings per share. The company’s quarterly revenue was up 18.3% on a year-over-year basis. Analysts forecast that Elastic will post -0.91 earnings per share for the current year.

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.