Elastic (NYSE:ESTC) Shares Down 3.6% - Here's What Happened

Elastic (NYSE:ESTC - Get Free Report)'s share price dropped 3.6% on Wednesday . The company traded as low as $112.53 and last traded at $112.97. Approximately 269,159 shares changed hands during trading, a decline of 79% from the average daily volume of 1,278,324 shares. The stock had previously closed at $117.25.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ESTC shares. 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. Canaccord Genuity Group boosted their price target on shares of Elastic from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, November 22nd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. Guggenheim boosted their target price on shares of Elastic from $100.00 to $120.00 and gave the company a "buy" rating in a report on Friday, November 22nd. Finally, Oppenheimer raised their price target on Elastic from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Elastic has an average rating of "Moderate Buy" and a consensus target price of $125.35.

Elastic Price Performance

The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a fifty day moving average of $103.92 and a two-hundred day moving average of $95.01. The company has a market capitalization of $11.78 billion, a PE ratio of 206.80 and a beta of 1.06.

Insider Activity

In related news, insider Carolyn Herzog sold 11,145 shares of the company's stock in a transaction that occurred on 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 transaction, the insider now owns 92,011 shares in the company, valued at $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the completion of the sale, the chief technology officer now owns 2,604,978 shares in the company, valued at approximately $288,944,159.76. This trade represents a 5.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elastic

Institutional investors and hedge funds have recently modified their holdings of the stock. M&T Bank Corp grew its position in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company's stock worth $357,000 after buying an additional 139 shares during the period. QRG Capital Management Inc. grew its holdings in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company's stock worth $235,000 after purchasing an additional 201 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company's stock valued at $523,000 after purchasing an additional 219 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Elastic during the fourth quarter valued at approximately $25,000. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Elastic by 12.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,985 shares of the company's stock worth $229,000 after purchasing an additional 332 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.