Short Interest in Elastic N.V. (NYSE:ESTC) Drops By 39.0%

Elastic N.V. (NYSE:ESTC) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 3,868,490 shares, a drop of 39.0% from the August 15th total of 6,338,244 shares. Approximately 4.2% of the company’s shares are sold short. Based on an average daily trading volume, of 3,656,632 shares, the days-to-cover ratio is presently 1.1 days.

Analyst Ratings Changes

ESTC has been the topic of several research reports. Weiss Ratings raised Elastic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 15th. William Blair assumed coverage on shares of Elastic in a research note on Friday, May 22nd. They set an “outperform” rating on the stock. Guggenheim increased their price target on shares of Elastic from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Stifel Nicolaus raised their price objective on shares of Elastic from $90.00 to $107.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Wedbush started coverage on shares of Elastic in a research note on Friday, September 11th. They issued an “outperform” rating and a $125.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.52.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 84,207 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $84.64, for a total value of $7,127,280.48. Following the sale, the chief technology officer owned 3,910,563 shares of the company’s stock, valued at $330,990,052.32. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jane E. Bone sold 1,542 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $87.78, for a total value of $135,356.76. Following the transaction, the chief accounting officer owned 47,697 shares of the company’s stock, valued at approximately $4,186,842.66. This represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,075,641 shares of company stock worth $98,430,566. Insiders own 12.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in Elastic by 516.1% in the 1st quarter. First Trust Advisors LP now owns 2,627,636 shares of the company’s stock valued at $131,356,000 after purchasing an additional 2,201,140 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Elastic by 43.2% in the first quarter. Pictet Asset Management Holding SA now owns 6,492,717 shares of the company’s stock valued at $324,550,000 after purchasing an additional 1,958,219 shares during the period. Wellington Management Group LLP acquired a new position in Elastic in the second quarter valued at $41,889,000. Assenagon Asset Management S.A. raised its holdings in shares of Elastic by 324.7% in the first quarter. Assenagon Asset Management S.A. now owns 900,017 shares of the company’s stock valued at $44,992,000 after buying an additional 688,091 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Elastic by 6,125.6% in the first quarter. SG Americas Securities LLC now owns 548,722 shares of the company’s stock valued at $27,431,000 after buying an additional 539,908 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Stock Down 1.4%

NYSE:ESTC traded down $1.22 during midday trading on Friday, reaching $87.75. The company had a trading volume of 1,077,434 shares, compared to its average volume of 2,166,385. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 7.14 and a beta of 1.03. The stock’s fifty day simple moving average is $76.87 and its 200-day simple moving average is $61.95. Elastic has a 12-month low of $42.05 and a 12-month high of $108.00. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.44.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 27th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.12. The company had revenue of $478.11 million for the quarter, compared to the consensus estimate of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%.Elastic’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 EPS. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. On average, sell-side analysts anticipate that Elastic will post 0.65 earnings per share for the current fiscal year.

Elastic Company Profile

Elastic N.V. develops search, observability and security software for organizations that need to find, analyze and act on data. Its core technology, Elasticsearch, is a distributed search and analytics engine that can process structured and unstructured information from applications, websites, logs and other sources.

The company offers its platform through Elastic Cloud, a managed cloud service available across major public-cloud environments, as well as through self-managed deployments.