Elastic (NYSE:ESTC) Short Interest Up 14.8% in January

Elastic (NYSE:ESTC) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 2,870,000 shares, a growth of 14.8% from the January 15th total of 2,500,000 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is presently 1.9 days.

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 completion of the sale, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,162 shares of company stock valued at $18,637,562. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vontobel Holding Ltd. lifted its position in Elastic by 241.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 14,900 shares of the company’s stock valued at $1,144,000 after acquiring an additional 10,534 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Elastic by 7.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,715 shares of the company’s stock valued at $669,000 after purchasing an additional 568 shares in the last quarter. Blue Trust Inc. increased its stake in Elastic by 21.2% during the 3rd quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock valued at $198,000 after purchasing an additional 452 shares in the last quarter. Wealth Effects LLC increased its stake in Elastic by 35.4% during the 3rd quarter. Wealth Effects LLC now owns 22,970 shares of the company’s stock valued at $1,763,000 after purchasing an additional 6,010 shares in the last quarter. Finally, LB Partners LLC bought a new stake in Elastic during the 3rd quarter valued at about $1,151,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Trading Down 3.7 %

Shares of NYSE:ESTC traded down $4.38 on Monday, hitting $113.21. The company had a trading volume of 1,226,552 shares, compared to its average volume of 1,268,810. The firm’s 50-day simple moving average is $105.59 and its two-hundred day simple moving average is $95.16. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $11.73 billion, a price-to-earnings ratio of 205.83 and a beta of 1.07.

Analysts Set New Price Targets

A number of research analysts have weighed in on ESTC shares. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Oppenheimer upped their price target on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Truist Financial upped their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Morgan Stanley initiated coverage on shares of Elastic in a report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $125.35.

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.