Short Interest in Elastic (NYSE:ESTC) Drops By 9.8%

01 Nov 2024, 01:46 by Michael Walen · The Markets Daily

Elastic (NYSE:ESTC – Get Free Report) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 3,390,000 shares, a decline of 9.8% from the September 30th total of 3,760,000 shares. Approximately 4.0% of the company’s stock are sold short. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. 18.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently made changes to their positions in ESTC. Advisors Asset Management Inc. lifted its stake in Elastic by 12.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC raised its position in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Elastic by 75.4% during the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock worth $72,000 after purchasing an additional 270 shares during the last quarter. Finally, Asset Dedication LLC increased 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 valued at $34,000 after buying an additional 280 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ESTC shares. Bank of America downgraded shares of Elastic from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $140.00 to $94.00 in a research note on Friday, August 30th. Robert W. Baird downgraded Elastic from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $135.00 to $95.00 in a research note on Friday, August 30th. Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a report on Tuesday, October 8th. Finally, Wedbush raised shares of Elastic to a “hold” rating in a research report on Thursday, October 17th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Read Our Latest Stock Report on ESTC

Elastic Price Performance

Shares of NYSE:ESTC traded down $0.75 during trading on Thursday, reaching $80.23. 596,512 shares of the company traded hands, compared to its average volume of 1,288,954. The firm has a market capitalization of $8.16 billion, a PE ratio of 151.23 and a beta of 0.94. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company’s 50 day moving average is $80.72 and its two-hundred day moving average is $98.64.

Elastic (NYSE:ESTC – Get Free Report) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.35) earnings per share. As a group, sell-side analysts predict that Elastic will post -0.92 earnings per share for the current year.

About Elastic

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