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 the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $566,854.80. Following the completion of the sale, the insider directly owned 233,582 shares in the company, valued at $21,050,409.84. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Elastic Stock Performance

Shares of ESTC stock traded down $1.27 during trading hours on Wednesday, hitting $89.92. The company's stock had a trading volume of 1,960,671 shares, compared to its average volume of 1,760,791. The company has a 50 day moving average of $83.34 and a 200 day moving average of $86.65. The stock has a market cap of $9.56 billion, a PE ratio of -112.40 and a beta of 1.04. 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 12-month low of $70.14 and a 12-month high of $118.84.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ESTC. UBS Group upped their price objective on shares of Elastic from $95.00 to $125.00 and gave the company a "buy" rating in a report on Friday, August 29th. Barclays increased their price target on shares of Elastic from $105.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Canaccord Genuity Group increased their price target on shares of Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Rosenblatt Securities reissued a "buy" rating and set a $130.00 price target on shares of Elastic in a report on Friday, August 29th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cloud Capital Management LLC purchased a new position in Elastic during the first quarter valued at $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic during the fourth quarter valued at $26,000. Signaturefd LLC lifted its holdings 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 in the last quarter. Geneos Wealth Management Inc. purchased a new position in Elastic during the second quarter valued at $31,000. Finally, North Capital Inc. purchased a new position in Elastic during the first quarter valued at $37,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.

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