Elastic (NYSE:ESTC) Short Interest Down 11.2% in October

Elastic (NYSE:ESTC) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,010,000 shares, a drop of 11.2% from the October 15th total of 3,390,000 shares. Currently, 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,280,000 shares, the short-interest ratio is currently 2.4 days.

Elastic Price Performance

ESTC stock traded down $0.26 during midday trading on Tuesday, reaching $85.80. The company had a trading volume of 140,702 shares, compared to its average volume of 1,269,384. The firm has a 50-day moving average price of $80.11 and a 200-day moving average price of $97.24. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The company has a market capitalization of $8.82 billion, a P/E ratio of 156.47 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06.

Elastic (NYSE:ESTC) last released its 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. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. On average, research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on ESTC. DA Davidson decreased their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 30th. Royal Bank of Canada dropped their price objective on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, August 30th. Jefferies Financial Group cut their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Canaccord Genuity Group dropped their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Finally, UBS Group cut their price objective on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $104.19.

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 in the last 90 days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

A number of hedge funds have recently bought and sold shares of ESTC. Asset Dedication LLC grew its position in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic in the 2nd quarter valued at $40,000. Quarry LP bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Lynx Investment Advisory purchased a new position in Elastic in the 2nd quarter worth $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 purchasing an additional 119 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.