Elastic (NYSE:ESTC) Sees Significant Decline in Short Interest

Elastic (NYSE:ESTC) was the recipient 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. Approximately 2.6% of the shares of the company are sold short. Based on an average trading volume of 1,380,000 shares, the days-to-cover ratio is presently 1.7 days.

Elastic Trading Up 0.5 %

Shares of ESTC opened at $100.49 on Friday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The business’s 50-day moving average price is $101.65 and its 200-day moving average price is $95.74. The stock has a market cap of $10.41 billion, a PE ratio of 182.70 and a beta of 1.06. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ESTC shares. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $95.00 to $135.00 in a report on Friday, November 22nd. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Stifel Nicolaus raised their price target on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Morgan Stanley started coverage on shares of Elastic in a report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 price target for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $120.00 price target on shares of Elastic in a report on Wednesday, November 20th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $125.70.

Insiders Place Their Bets

In other news, 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 transaction, the chief technology officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carolyn Herzog sold 11,145 shares of the stock in a transaction dated Tuesday, November 26th. The shares were 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 directly owns 92,011 shares in the company, valued at $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Several hedge funds and other institutional investors have recently bought and sold shares of ESTC. 1832 Asset Management L.P. purchased a new stake in Elastic in the second quarter worth approximately $248,335,000. FMR LLC boosted its stake in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. 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 purchasing an additional 614,309 shares during the last quarter. 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 purchasing an additional 399,175 shares during the last quarter. Finally, Thematics Asset Management grew its holdings in shares of Elastic by 463.3% in the third quarter. Thematics Asset Management now owns 444,012 shares of the company’s stock worth $34,082,000 after purchasing an additional 365,192 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.