Elastic NV (NYSE:ESTC) Short Interest Update

Elastic NV (NYSE:ESTC) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 4,284,100 shares, a growth of 22.7% from the May 30th total of 3,491,200 shares. Approximately 21.2% of the company’s shares are short sold. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is presently 4.2 days.

In related news, SVP W.H. Baird Garrett sold 2,000 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $76.40, for a total transaction of $152,800.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michelangelo Volpi sold 28,298 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $73.94, for a total value of $2,092,354.12. The disclosure for this sale can be found here. Insiders have sold a total of 1,523,440 shares of company stock worth $121,369,434 in the last ninety days. 51.80% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp bought a new position in shares of Elastic in the 4th quarter valued at about $2,235,000. Glaxis Capital Management LLC bought a new position in shares of Elastic in the 1st quarter valued at about $584,000. Pier Capital LLC grew its holdings in shares of Elastic by 122.2% in the 1st quarter. Pier Capital LLC now owns 87,111 shares of the company’s stock valued at $6,958,000 after acquiring an additional 47,910 shares in the last quarter. B. Riley Wealth Management Inc. bought a new position in shares of Elastic in the 1st quarter valued at about $301,000. Finally, Altimeter Capital Management LP bought a new position in shares of Elastic in the 4th quarter valued at about $5,361,000. Hedge funds and other institutional investors own 41.66% of the company’s stock.

ESTC stock traded up $4.10 during trading hours on Friday, reaching $93.26. 2,411,587 shares of the stock were exchanged, compared to its average volume of 847,472. The firm’s 50-day simple moving average is $79.04. The company has a market cap of $6.72 billion and a P/E ratio of -51.81. Elastic has a 12 month low of $58.55 and a 12 month high of $100.43.

Elastic (NYSE:ESTC) last released its earnings results on Wednesday, June 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.17. The firm had revenue of $80.60 million for the quarter, compared to the consensus estimate of $75.79 million. The company’s revenue was up 62.5% on a year-over-year basis. On average, equities research analysts predict that Elastic will post -2.17 earnings per share for the current year.

Several analysts recently commented on ESTC shares. KeyCorp dropped their price objective on PolyOne from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, April 18th. Monness Crespi & Hardt reiterated a “buy” rating and set a $185.00 target price (up previously from $150.00) on shares of Mongodb in a report on Thursday, June 6th. Zacks Investment Research cut ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. FBN Securities initiated coverage on Elastic in a report on Tuesday, April 2nd. They set an “outperform” rating for the company. Finally, Stifel Nicolaus initiated coverage on Elastic in a report on Monday, May 13th. They set a “hold” rating and a $75.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $93.92.

About Elastic

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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