Elastic (NYSE:ESTC) Sees Significant Decline in Short Interest

Elastic (NYSE:ESTC) was the recipient of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 2,340,000 shares, a drop of 5.6% from the December 15th total of 2,480,000 shares. Approximately 2.6% of the company’s shares are short sold. Based on an average daily volume of 1,380,000 shares, the short-interest ratio is currently 1.7 days.

Analysts Set New Price Targets

Several equities analysts have commented on ESTC shares. Jefferies Financial Group raised their price objective on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Bank of America raised their price objective on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Oppenheimer lifted their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Finally, Baird R W raised Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $125.70.

Insider Transactions at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction on 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 in the company, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total value of $1,240,884.30. Following the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,162 shares of company stock worth $18,637,562. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares in the last quarter. 1832 Asset Management L.P. bought a new position in shares of Elastic during the 2nd quarter worth $248,335,000. Atreides Management LP grew its position in shares of 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 buying an additional 614,309 shares in the last quarter. State Street Corp grew its position in shares of Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after buying an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after buying an additional 50,355 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

Shares of Elastic stock opened at $100.49 on Friday. The stock’s fifty day moving average is $101.65 and its two-hundred day moving average is $95.74. The company has a market capitalization of $10.41 billion, a PE ratio of 182.70 and a beta of 1.06. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06.

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.