Elastic (NYSE:ESTC) Short Interest Update

Elastic (NYSE:ESTC) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,360,000 shares, an increase of 24.4% from the February 28th total of 2,700,000 shares. Based on an average trading volume of 1,390,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 3.7% of the company’s stock are short sold.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. This represents a 4.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the completion of the transaction, the chief technology officer now owns 2,408,541 shares in the company, valued at $271,033,118.73. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. M&T Bank Corp grew its holdings in shares of Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after purchasing an additional 139 shares during the last quarter. Sigma Planning Corp boosted its position in Elastic by 3.7% during the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after buying an additional 139 shares during the period. CIBC Asset Management Inc grew its stake in shares of Elastic by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after buying an additional 151 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 158 shares during the period. Finally, Resolute Advisors LLC lifted its stake in shares of Elastic by 7.1% in the 4th quarter. Resolute Advisors LLC now owns 3,255 shares of the company’s stock valued at $323,000 after acquiring an additional 217 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ESTC shares. Truist Financial reduced their price objective on Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday. Piper Sandler raised their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Robert W. Baird boosted their target price on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Wedbush cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Cantor Fitzgerald started coverage on Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $130.74.

Elastic Price Performance

NYSE:ESTC traded up $2.21 during midday trading on Tuesday, hitting $91.31. The company had a trading volume of 1,379,340 shares, compared to its average volume of 1,322,630. The company has a market capitalization of $9.53 billion, a PE ratio of 166.02 and a beta of 1.20. 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 $123.96. The stock’s fifty day moving average price is $104.84 and its 200-day moving average price is $96.51.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, research analysts expect that Elastic will post -0.77 earnings per share for the current year.

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.