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

Elastic (NYSE:ESTC - Get Free Report) was the recipient of a significant 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. Based on an average daily volume of 1,280,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 3.5% of the shares of the company are short sold.

Insider Activity

In other Elastic news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction that occurred on 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 owns 4,543,190 shares of the company's stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul R. Auvil III purchased 20,000 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This represents 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 valued at $2,627,772 over the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings 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 valued at $107,058,000 after purchasing an additional 50,355 shares in the last quarter. Vestcor Inc bought a new stake in shares of Elastic during the third quarter worth $1,919,000. M&T Bank Corp raised its holdings in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company's stock worth $357,000 after acquiring an additional 139 shares during the period. Barclays PLC lifted its position in Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company's stock valued at $11,757,000 after acquiring an additional 55,084 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in 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 during the period. Institutional investors own 97.03% of the company's stock.

Elastic Stock Down 3.3 %

Shares of ESTC traded down $2.91 during trading hours on Friday, reaching $86.32. The company's stock had a trading volume of 1,776,617 shares, compared to its average volume of 853,199. The company has a 50 day moving average of $79.81 and a two-hundred day moving average of $97.38. 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 firm has a market cap of $8.87 billion, a price-to-earnings ratio of 156.95 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ESTC. DA Davidson cut their price objective on Elastic from $100.00 to $75.00 and set a "neutral" rating for the company in a research report on Friday, August 30th. TD Cowen reduced their target price on shares of Elastic from $110.00 to $80.00 and set a "hold" rating on the stock in a research report on Friday, August 30th. Wedbush raised Elastic to a "hold" rating in a research report on Thursday, October 17th. Robert W. Baird lowered Elastic from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $135.00 to $95.00 in a research report on Friday, August 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of Elastic in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Elastic has an average rating of "Moderate Buy" and a consensus target price of $104.19.

Elastic Company Profile

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.