Shay Banon Sells 104,326 Shares of Elastic (NYSE:ESTC) Stock

Key Points

• Elastic's CTO, Shay Banon, sold 104,326 shares of the company on September 9th for approximately $9.42 million, resulting in a 2.33% decrease in his overall stock position.
• The stock traded down $1.27 on Wednesday, reaching a price of $89.92, with a market capitalization of $9.56 billion.
• Recent analyst reports suggest a mixed sentiment on Elastic's stock, with target price adjustments leading to a consensus rating of "Moderate Buy" and a price target of $120.00.

Elastic N.V. (NYSE:ESTC - Get Free Report) CTO Shay Banon sold 104,326 shares of Elastic stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.34, for a total transaction of $9,424,810.84. Following the sale, the chief technology officer directly owned 4,363,780 shares of the company's stock, valued at $394,223,885.20. This represents a 2.33% decrease in their ownership of the stock. 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 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.
• 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 transaction of $8,420,000.00.

Elastic Stock Performance

NYSE ESTC traded up $0.80 on Monday, reaching $88.34. 968,911 shares of the company's stock traded hands, compared to its average volume of 2,427,485. Elastic N.V. has a 12 month low of $70.14 and a 12 month high of $118.84. 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 50-day simple moving average of $83.53 and a 200 day simple moving average of $86.04.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in shares of Elastic during the fourth quarter valued at about $26,000. Cloud Capital Management LLC purchased a new position in shares of Elastic during the first quarter valued at about $25,000. Signaturefd LLC increased its position in shares of Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after buying an additional 117 shares during the period. Geneos Wealth Management Inc. purchased a new position in shares of Elastic during the second quarter valued at about $31,000. Finally, North Capital Inc. purchased a new position in shares of Elastic during the first quarter valued at about $37,000. Hedge funds and other institutional investors own 97.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ESTC. Cantor Fitzgerald reiterated a "neutral" rating on shares of Elastic in a research report on Friday, August 29th. UBS Group lifted their target price on shares of Elastic from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Canaccord Genuity Group lifted their target price on shares of Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Zacks Research cut shares of Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. Finally, TD Securities decreased their target price on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a research report on Wednesday, May 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Elastic has an average rating of "Moderate Buy" and an average target price of $120.00.

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.