Elastic (NYSE:ESTC) Shares Down 3.6% – Time to Sell?

Elastic (NYSE:ESTC) shares were down 3.6% during mid-day trading on Wednesday . The company traded as low as $112.53 and last traded at $112.97. Approximately 269,159 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,278,324 shares. The stock had previously closed at $117.25.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ESTC. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 target price on shares of Elastic in a research report on Wednesday, November 20th. Stifel Nicolaus boosted their price objective on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Cantor Fitzgerald initiated coverage on shares of Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 target price on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday, November 22nd. Finally, Bank of America raised their price objective on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $125.35.

Elastic Stock Performance

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 business’s fifty day moving average price is $103.92 and its two-hundred day moving average price is $95.01. The stock has a market capitalization of $11.78 billion, a P/E ratio of 206.80 and a beta of 1.06.

Insider Buying and Selling at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred 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 owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock worth $18,637,562 over the last ninety days. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Savant Capital LLC bought a new position in Elastic in the fourth quarter worth approximately $7,212,000. Exane Asset Management grew its position in shares of Elastic by 97.9% during the 4th quarter. Exane Asset Management now owns 27,704 shares of the company’s stock worth $2,842,000 after buying an additional 13,704 shares in the last quarter. Lecap Asset Management Ltd. increased its stake in shares of Elastic by 146.7% during the fourth quarter. Lecap Asset Management Ltd. now owns 24,969 shares of the company’s stock valued at $2,474,000 after buying an additional 14,846 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Elastic by 22.1% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,639 shares of the company’s stock valued at $1,054,000 after acquiring an additional 1,924 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Elastic in the 4th quarter worth approximately $231,000. 97.03% of the stock is currently 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.