Short Interest in Elastic (NYSE:ESTC) Decreases By 5.6%

Elastic (NYSE:ESTC) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 2,340,000 shares, a decline of 5.6% from the December 15th total of 2,480,000 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average trading volume of 1,380,000 shares, the days-to-cover ratio is currently 1.7 days.

Elastic Stock Up 0.5 %

Elastic stock opened at $100.49 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm’s fifty day simple moving average is $101.65 and its 200-day simple moving average is $95.74. The company has a market capitalization of $10.41 billion, a P/E ratio of 182.70 and a beta of 1.06.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Guggenheim raised their price objective on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lifted their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Oppenheimer increased their price objective on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Citigroup lifted their target price on Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 target price 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 assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $125.70.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. 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 business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now directly owns 92,011 shares in the company, valued at $10,244,504.74. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,162 shares of company stock worth $18,637,562. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

Institutional investors and hedge funds have recently made changes to their positions in the stock. M&T Bank Corp lifted its holdings in Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after buying an additional 201 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after buying an additional 219 shares during the period. Y Intercept Hong Kong Ltd raised its holdings 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 acquiring an additional 332 shares during the period. Finally, FNY Investment Advisers LLC lifted its position in Elastic by 87.3% during the 4th quarter. FNY Investment Advisers LLC now owns 749 shares of the company’s stock worth $74,000 after acquiring an additional 349 shares during the last quarter. Institutional investors and hedge funds 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.