Elastic (NYSE:ESTC) Insider Sells $566,854.80 in Stock

Key Points

• Ken Exner, an insider at Elastic (NYSE:ESTC), sold 6,290 shares of the company’s stock for a total of $566,854.80, resulting in a 2.62% decrease in their stock ownership.
• Elastic’s shares experienced a slight decline, trading down $1.27 to reach a price of $89.92, with a market capitalization of $9.56 billion.
• Multiple research firms have upgraded their price targets for Elastic, with UBS Group raising it from $95.00 to $125.00 and Canaccord Genuity increasing to $120.00, reflecting strong analyst sentiment towards the stock.

Elastic N.V. (NYSE:ESTC - Get Free Report) insider Ken Exner sold 6,290 shares of Elastic stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $566,854.80. Following the transaction, the insider directly owned 233,582 shares in the company, valued at approximately $21,050,409.84. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Elastic Stock Performance

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ESTC. Zacks Research cut Elastic from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Barclays lifted their target price on Elastic from $105.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Elastic in a research note on Friday, August 29th. Guggenheim boosted their price target on Elastic from $107.00 to $122.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Canaccord Genuity Group boosted their price target on Elastic from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 29th. One 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.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $120.00.

Institutional Investors Weigh In On Elastic

Several large investors have recently made changes to their positions in the company. Sylebra Capital LLC grew its stake in shares of Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after buying an additional 1,756,842 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position 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 purchasing an additional 2,246,808 shares during the period. AQR Capital Management LLC boosted its position 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 purchasing an additional 428,356 shares during the period. State Street Corp boosted its position 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 purchasing an additional 59,850 shares during the period. Finally, Geode Capital Management LLC boosted its position 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 purchasing an additional 54,812 shares during the period. Institutional investors own 97.03% of the company's stock.

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.