Elastic (NYSE:ESTC) CTO Sells $9,424,810.84 in 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 the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.34, for a total value 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 trade represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, September 8th, Shay Banon sold 100,000 shares of Elastic stock. The stock was sold at an average price of $89.63, for a total value of $8,963,000.00.
• 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 value of $8,420,000.00.

Elastic Stock Down 1.6%

Shares of ESTC traded down $1.45 during midday trading on Friday, reaching $87.61. 2,100,983 shares of the stock were exchanged, compared to its average volume of 2,427,485. The firm has a 50 day simple moving average of $83.49 and a 200-day simple moving average of $86.24. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. Elastic N.V. has a 12-month low of $70.14 and a 12-month high of $118.84. The company has a market cap of $9.31 billion, a price-to-earnings ratio of -109.51 and a beta of 1.04.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESTC. Cloud Capital Management LLC acquired a new stake in shares of Elastic during the 1st quarter worth approximately $25,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Elastic during the 4th quarter worth approximately $26,000. Signaturefd LLC grew its holdings in shares of Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares in the last quarter. Geneos Wealth Management Inc. acquired a new stake in shares of Elastic during the 2nd quarter worth approximately $31,000. Finally, North Capital Inc. acquired a new stake in shares of Elastic during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 97.03% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Stifel Nicolaus raised their price objective on Elastic from $112.00 to $134.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Monness Crespi & Hardt raised their price objective on Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Cantor Fitzgerald reissued a "neutral" rating on shares of Elastic in a research note on Friday, August 29th. Finally, UBS Group raised their price objective on Elastic from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, August 29th. One 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.