Elastic (NYSE:ESTC) CTO Sells $8,963,000.00 in Stock

Key Points

• Shay Banon, CTO of Elastic, sold 100,000 shares of the company's stock for approximately $8.96 million on September 8th, resulting in a 2.19% reduction in his holdings.
• Following Banon's sale, Elastic's stock price decreased by 1.4%, trading at $89.92, with a recent twelve-month range between $70.14 and $118.84.
• Multiple analysts have issued ratings updates, with the average price target for Elastic being $120.00, reflecting a mix of "buy," "overweight," and "hold" ratings.

Elastic N.V. (NYSE:ESTC - Get Free Report) CTO Shay Banon sold 100,000 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $89.63, for a total transaction of $8,963,000.00. Following the completion of the sale, the chief technology officer owned 4,468,106 shares in the company, valued at approximately $400,476,340.78. This trade represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, September 9th, Shay Banon sold 104,326 shares of Elastic stock. The stock was sold at an average price of $90.34, for a total transaction of $9,424,810.84.
• On Thursday, September 4th, Shay Banon sold 100,000 shares of Elastic stock. The stock was sold at an average price of $84.20, for a total transaction of $8,420,000.00.

Elastic Stock Performance

ESTC traded up $0.80 during midday trading on Monday, reaching $88.34. The company's stock had a trading volume of 968,911 shares, compared to its average volume of 2,427,485. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. Elastic N.V. has a 1 year low of $70.14 and a 1 year high of $118.84. The stock's 50-day moving average is $83.53 and its 200-day moving average is $86.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new position in Elastic in the fourth quarter worth approximately $26,000. Cloud Capital Management LLC bought a new position in Elastic in the first quarter worth approximately $25,000. Signaturefd LLC raised its position in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after acquiring an additional 117 shares during the period. Geneos Wealth Management Inc. bought a new position in Elastic in the second quarter worth approximately $31,000. Finally, North Capital Inc. bought a new position in Elastic in the first quarter worth approximately $37,000. Institutional investors own 97.03% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ESTC. Stifel Nicolaus increased their price target on shares of Elastic from $112.00 to $134.00 and gave the company a "buy" rating in a report on Friday, August 29th. DA Davidson started coverage on Elastic in a report on Friday, August 29th. They issued a "neutral" rating and a $105.00 target price for the company. Wells Fargo & Company reduced their target price on Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and issued a $130.00 target price on shares of Elastic in a report on Friday, August 29th. Finally, Oppenheimer restated an "outperform" rating on shares of Elastic in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, Elastic has an average rating of "Moderate Buy" and an average price target 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.