Insider Selling: Elastic (NYSE:ESTC) CTO Sells $16,638,000.00 in Stock

Elastic (NYSE:ESTC) CTO Shay Banon sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value of $16,638,000.00. Following the completion of the transaction, the chief technology officer now owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shay Banon also recently made the following trade(s):

• On Monday, September 9th, Shay Banon sold 2,666 shares of Elastic stock. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50.

Elastic Stock Performance

Shares of ESTC stock opened at $109.52 on Friday. The company has a market capitalization of $11.35 billion, a P/E ratio of 200.24 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.91 and a current ratio of 1.99. The stock has a 50 day moving average price of $84.60 and a two-hundred day moving average price of $97.18.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The firm’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.35) EPS. Analysts expect that Elastic will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. TD Cowen lowered their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. DA Davidson upped their target price on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $135.00 in a research report on Friday, November 22nd. Finally, Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $126.33.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Asset Dedication LLC grew its stake in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the 2nd quarter worth approximately $40,000. Quarry LP purchased a new position in shares of Elastic during the second quarter valued at approximately $40,000. Lynx Investment Advisory bought a new position in shares of Elastic during the second quarter valued at approximately $43,000. Finally, Signaturefd LLC lifted its stake in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. 97.03% of the stock is owned by 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.