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

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

Elastic Price Performance

Shares of NYSE:ESTC traded down $2.91 during midday trading on Friday, hitting $86.32. The stock had a trading volume of 1,776,617 shares, compared to its average volume of 853,199. The company’s 50-day moving average price is $79.81 and its 200-day moving average price is $97.44. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $8.87 billion, a P/E ratio of 156.95 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company’s revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.35) earnings per share. As a group, equities research analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Analysts Set New Price Targets

ESTC has been the topic of a number of research analyst reports. Scotiabank dropped their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Citigroup raised their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Jefferies Financial Group reduced their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday, August 30th. Wedbush raised shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Finally, Barclays raised their price objective on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $104.19.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul R. Auvil III bought 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price 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 in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last 90 days. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the second quarter worth approximately $248,335,000. FMR LLC raised its position in Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Elastic during the 2nd quarter valued at $102,169,000. Atreides Management LP boosted its holdings in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of 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 in the last quarter. 97.03% of the stock is owned by institutional investors.

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.