Insider Selling: Elastic (NYSE:ESTC) CFO Sells 1,256 Shares of Stock

Key Points

• Elastic CFO Navam Welihinda sold 1,256 shares of the company's stock for a total of approximately $106,232, decreasing his position by 0.96%.
• The company's stock price has recently declined, trading down 4.3% to $80.39, while analysts assess its performance with a consensus rating of "Moderate Buy".
• Several research firms have increased their price targets for Elastic, with Piper Sandler raising it to $125.00 and Morgan Stanley adjusting it to $120.00, indicating growing investor confidence.

Elastic N.V. (NYSE:ESTC - Get Free Report) CFO Navam Welihinda sold 1,256 shares of the business's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $84.58, for a total transaction of $106,232.48. Following the completion of the sale, the chief financial officer owned 129,247 shares in the company, valued at approximately $10,931,711.26. The trade was a 0.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Navam Welihinda also recently made the following trade(s):

• On Tuesday, September 9th, Navam Welihinda sold 3,489 shares of Elastic stock. The shares were sold at an average price of $90.12, for a total transaction of $314,428.68.

Elastic Trading Down 4.3%

Elastic stock traded down $3.65 during midday trading on Tuesday, reaching $80.39. The stock had a trading volume of 1,521,881 shares, compared to its average volume of 1,734,147. Elastic N.V. has a 52-week low of $70.14 and a 52-week high of $118.84. The company has a fifty day moving average of $83.57 and a 200 day moving average of $84.87. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of -100.48 and a beta of 1.05. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59.

Analyst Upgrades and Downgrades

ESTC has been the subject of a number of research analyst reports. Piper Sandler raised their target price on Elastic from $120.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 price objective on shares of Elastic in a report on Friday, August 29th. Morgan Stanley raised their price target on shares of Elastic from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Elastic in a report on Friday, August 29th. Finally, Royal Bank Of Canada lifted their target price on Elastic from $106.00 to $125.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $118.60.

Institutional Investors Weigh In On Elastic

Large investors have recently modified their holdings of the stock. Cloud Capital Management LLC purchased a new stake in Elastic during the 1st quarter worth about $25,000. Signaturefd LLC boosted its holdings in shares of Elastic by 53.7% in the 1st 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. purchased a new stake in shares of Elastic during the 2nd quarter valued at $31,000. North Capital Inc. acquired a new stake in shares of Elastic during the 1st quarter worth $37,000. Finally, Smartleaf Asset Management LLC boosted its holdings in Elastic by 53.7% in the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after acquiring an additional 152 shares during the last quarter. Hedge funds and other 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.

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