Short Interest in Elastic (NYSE:ESTC) Declines By 5.6%

Elastic (NYSE:ESTC - Get Free Report) was the target of a significant decrease in short interest in December. As of December 31st, there was short interest totalling 2,340,000 shares, a decrease of 5.6% from the December 15th total of 2,480,000 shares. Currently, 2.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,380,000 shares, the days-to-cover ratio is currently 1.7 days.

Wall Street Analysts Forecast Growth

ESTC has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an "overweight" rating in a report on Friday, November 22nd. Cantor Fitzgerald initiated coverage on shares of Elastic in a research report on Friday. They issued a "neutral" rating and a $108.00 price objective on the stock. Piper Sandler upped their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Needham & Company LLC reissued a "hold" rating on shares of Elastic in a research note on Friday, November 22nd. Finally, Barclays upped their price target on Elastic from $105.00 to $138.00 and gave the company an "overweight" rating in a research report on Monday, November 25th. Seven 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $125.70.

Elastic Stock Up 0.5 %

ESTC stock traded up $0.52 during midday trading on Friday, hitting $100.49. The company's stock had a trading volume of 1,125,920 shares, compared to its average volume of 976,284. The firm's 50-day moving average is $101.65 and its 200-day moving average is $95.74. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a market cap of $10.41 billion, a PE ratio of 182.70 and a beta of 1.06.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 11,145 shares of the business's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares of the company's stock, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 150,000 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total value of $16,638,000.00. Following the sale, the chief technology officer now owns 2,604,978 shares of the company's stock, valued at $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock valued at $18,637,562 over the last quarter. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several large investors have recently bought and sold shares of the business. 1832 Asset Management L.P. bought a new stake in Elastic in the 2nd quarter worth approximately $248,335,000. FMR LLC boosted its stake in shares of Elastic by 25.6% in 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 during the last quarter. Atreides Management LP grew its holdings in shares of Elastic by 57.2% in the third 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 period. JAT Capital Mgmt LP grew its holdings in shares of Elastic by 601.4% in the third quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company's stock worth $35,736,000 after acquiring an additional 399,175 shares during the period. Finally, Thematics Asset Management increased its position in Elastic by 463.3% during the third quarter. Thematics Asset Management now owns 444,012 shares of the company's stock valued at $34,082,000 after acquiring an additional 365,192 shares during the last quarter. 97.03% of the stock is currently 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.