Elastic (ESTC) Shares Gap Down on Insider Selling

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Elastic NV (NYSE:ESTC) shares gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $83.91, but opened at $82.76. Elastic shares last traded at $81.17, with a volume of 1007568 shares.

Specifically, Director Steven Schuurman sold 1,300,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $82.45, for a total value of $107,185,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Aaron Katz sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.76, for a total value of $1,241,400.00. The disclosure for this sale can be found here. Insiders sold a total of 1,664,633 shares of company stock worth $137,591,488 in the last ninety days.

Several equities analysts have commented on the company. Jefferies Financial Group upped their price objective on Elastic to $90.00 and gave the company a “hold” rating in a research report on Thursday, February 28th. They noted that the move was a valuation call. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $120.00 price objective (up previously from $100.00) on shares of Elastic in a research report on Thursday, February 28th. Citigroup upped their price objective on Elastic from $82.00 to $97.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Barclays reaffirmed a “buy” rating and issued a $107.00 price objective on shares of Elastic in a research report on Friday, March 1st. Finally, Zacks Investment Research downgraded Elastic from a “buy” rating to a “hold” rating in a research report on Tuesday, February 5th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Elastic has an average rating of “Hold” and an average price target of $89.10.

Elastic (NYSE:ESTC) last issued its earnings results on Wednesday, February 27th. The company reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.21. The firm had revenue of $70.80 million during the quarter, compared to analysts’ expectations of $65.77 million. The company’s revenue for the quarter was up 69.8% on a year-over-year basis. Sell-side analysts expect that Elastic NV will post -1.75 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Focused Wealth Management Inc purchased a new stake in shares of Elastic during the 4th quarter worth $32,000. Barclays PLC purchased a new stake in shares of Elastic during the 4th quarter worth $40,000. Victory Capital Management Inc. purchased a new stake in shares of Elastic during the 4th quarter worth $42,000. PNC Financial Services Group Inc. purchased a new stake in shares of Elastic during the 4th quarter worth $100,000. Finally, Partner Investment Management L.P. purchased a new stake in shares of Elastic during the 4th quarter worth $137,000. Hedge funds and other institutional investors own 33.68% of the company’s stock.

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Elastic Company Profile (NYSE:ESTC)

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.

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