Elastic (NYSE:ESTC) Short Interest Update

Elastic (NYSE:ESTC) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 3,360,000 shares, a growth of 24.4% from the February 28th total of 2,700,000 shares. Approximately 3.7% of the company’s stock are sold short. Based on an average daily volume of 1,390,000 shares, the short-interest ratio is currently 2.4 days.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Piper Sandler upped their price target on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Wells Fargo & Company boosted their target price on Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Jefferies Financial Group dropped their price target on shares of Elastic from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Monday. Rosenblatt Securities reiterated a “buy” rating and issued a $130.00 price target on shares of Elastic in a research note on Tuesday, February 25th. Finally, Guggenheim increased their price objective on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $130.74.

Elastic Price Performance

ESTC stock opened at $91.48 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The company’s fifty day moving average price is $104.65 and its 200-day moving average price is $96.47. Elastic has a one year low of $69.00 and a one year high of $123.96. The company has a market capitalization of $9.55 billion, a PE ratio of 166.33 and a beta of 1.20.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company 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%. On average, equities analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 376,591 shares in the company, valued at approximately $34,183,165.07. This represents a 4.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction that occurred on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the sale, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 198,304 shares of company stock worth $20,847,452. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new position in shares of Elastic during the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. purchased a new stake in Elastic during the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC bought a new position in Elastic during the fourth quarter valued at $26,000. Venturi Wealth Management LLC grew its stake in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Elastic by 126.4% in the 4th 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 last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.