Shay Banon Sells 100,000 Shares of Elastic (NYSE:ESTC) 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 shares were sold at an average price of $89.63, for a total value of $8,963,000.00. Following the completion of the sale, the chief technology officer owned 4,468,106 shares of the company's stock, valued at $400,476,340.78. This represents a 2.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $90.34, for a total value of $9,424,810.84.
• On Thursday, September 4th, Shay Banon sold 100,000 shares of Elastic stock. The shares were sold at an average price of $84.20, for a total value of $8,420,000.00.

Elastic Trading Down 1.6%

NYSE:ESTC traded down $1.45 on Friday, reaching $87.61. The company's stock had a trading volume of 2,100,983 shares, compared to its average volume of 2,427,485. Elastic N.V. has a 1-year low of $70.14 and a 1-year high of $118.84. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market cap of $9.31 billion, a PE ratio of -109.51 and a beta of 1.04. The business's 50-day moving average price is $83.49 and its two-hundred day moving average price is $86.24.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ESTC. TD Securities decreased their target price on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. KeyCorp began coverage on Elastic in a research note on Tuesday, June 10th. They issued a "sector weight" rating for the company. Piper Sandler boosted their target price on Elastic from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. UBS Group upped their price objective on Elastic from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Finally, Wedbush reduced their price objective on Elastic from $135.00 to $110.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESTC. Cloud Capital Management LLC acquired a new position in Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC acquired a new position in Elastic during the fourth quarter valued at approximately $26,000. Signaturefd LLC boosted its position in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 117 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in Elastic during the second quarter valued at approximately $31,000. Finally, North Capital Inc. acquired a new position in shares of Elastic during the 1st quarter worth approximately $37,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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.