Shay Banon Sells 100,000 Shares of Elastic (NYSE:ESTC) Stock

Key Points

• Shay Banon, CTO of Elastic N.V., sold $8.42 million worth of company stock, reducing his ownership by 4.43% to approximately 2.15 million shares.
• Shares of Elastic (NYSE:ESTC) experienced a trading increase of 6.2%, reaching $92.06, with a trading volume significantly above its average.
• Analysts have mixed ratings on Elastic, with a consensus price target of $120.00; notable revisions include Jefferies raising its price target to $125.00.

Elastic N.V. (NYSE:ESTC - Get Free Report) CTO Shay Banon sold 100,000 shares of Elastic stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $84.20, for a total transaction of $8,420,000.00. Following the transaction, the chief technology officer owned 2,154,978 shares of the company's stock, valued at approximately $181,449,147.60. The trade was a 4.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Tuesday, September 9th, Shay Banon sold 104,326 shares of Elastic stock. The shares were sold at an average price of $90.34, for a total transaction of $9,424,810.84.
• On Monday, September 8th, Shay Banon sold 100,000 shares of Elastic stock. The shares were sold at an average price of $89.63, for a total transaction of $8,963,000.00.

Elastic Trading Down 1.6%

Shares of NYSE:ESTC traded down $1.45 during trading on Friday, reaching $87.61. The stock had a trading volume of 2,100,983 shares, compared to its average volume of 2,427,491. The business has a fifty day moving average price of $83.49 and a 200-day moving average price of $86.46. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. The stock has a market cap of $9.31 billion, a P/E ratio of -109.51 and a beta of 1.04. Elastic N.V. has a fifty-two week low of $70.14 and a fifty-two week high of $118.84.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently bought and sold shares of the business. Sylebra Capital LLC grew its stake in Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after buying an additional 1,756,842 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Elastic by 5,437.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares during the period. AQR Capital Management LLC grew its stake in Elastic by 30.5% during the second quarter. AQR Capital Management LLC now owns 1,832,215 shares of the company's stock worth $153,100,000 after buying an additional 428,356 shares during the period. State Street Corp grew its stake in Elastic by 4.0% during the second quarter. State Street Corp now owns 1,574,525 shares of the company's stock worth $132,780,000 after buying an additional 59,850 shares during the period. Finally, Geode Capital Management LLC grew its stake in Elastic by 3.6% during the second quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company's stock worth $132,384,000 after buying an additional 54,812 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ESTC shares. UBS Group boosted their price objective on shares of Elastic from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Barclays boosted their price objective on shares of Elastic from $105.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Zacks Research lowered shares of Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. JPMorgan Chase & Co. dropped their price target on shares of Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Monness Crespi & Hardt upped their price target on shares of Elastic from $111.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Elastic has an average rating of "Moderate Buy" and a consensus target price of $120.00.

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.