Insider Selling: Elastic (NYSE:ESTC) CTO Sells 5,117 Shares of Stock

Elastic (NYSE:ESTC - Get Free Report) CTO Shay Banon sold 5,117 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $444,718.47. Following the completion of the transaction, the chief technology officer now owns 4,560,291 shares in the company, valued at $396,334,890.81. This represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Elastic Stock Performance

NYSE:ESTC traded down $3.93 during trading hours on Friday, reaching $79.32. The stock had a trading volume of 2,595,142 shares, compared to its average volume of 1,507,262. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock has a 50 day simple moving average of $85.02 and a 200 day simple moving average of $96.83. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The stock has a market cap of $8.28 billion, a P/E ratio of 144.22 and a beta of 1.07.

Elastic (NYSE:ESTC - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. During the same period last year, the business posted $0.21 earnings per share. The business's revenue for the quarter was up 15.9% on a year-over-year basis. On average, research analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler dropped their target price on Elastic from $135.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Rosenblatt Securities dropped their target price on Elastic from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Truist Financial dropped their target price on Elastic from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Royal Bank of Canada dropped their price target on Elastic from $119.00 to $115.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, Robert W. Baird dropped their price target on Elastic from $125.00 to $115.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.63.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans grew its position in shares of Elastic by 187.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock valued at $899,000 after purchasing an additional 5,919 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Elastic by 13.3% in the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after purchasing an additional 843 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Elastic by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock valued at $723,000 after purchasing an additional 241 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Elastic by 0.8% in the fourth quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock valued at $47,838,000 after purchasing an additional 3,772 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of Elastic in the fourth quarter valued at $801,000. 97.03% of the stock is currently 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.