Shares of Elastic NV (NYSE:ESTC) 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 traded.

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

ESTC has been the topic of several analyst reports. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $120.00 target price (up from $100.00) on shares of Elastic in a report on Thursday, February 28th. Goldman Sachs Group lowered Elastic from a “buy” rating to a “neutral” rating and raised their target price for the stock from $78.00 to $90.00 in a report on Thursday, February 7th. Royal Bank of Canada lowered Elastic from an “outperform” rating to a “sector perform” rating in a report on Thursday, February 7th. Barclays reaffirmed a “buy” rating and set a $107.00 target price on shares of Elastic in a report on Friday, March 1st. Finally, Citigroup raised their target price on Elastic from $74.00 to $82.00 and gave the stock a “neutral” rating in a report on Thursday, December 6th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $89.10.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Wednesday, February 27th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.21. The business had revenue of $70.80 million for the quarter, compared to analysts’ expectations of $65.77 million. The company’s quarterly revenue was up 69.8% compared to the same quarter last year. As a group, analysts anticipate that Elastic NV will post -1.75 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Focused Wealth Management Inc purchased a new position in shares of Elastic in the fourth quarter valued at approximately $32,000. Barclays PLC purchased a new position in shares of Elastic in the fourth quarter valued at approximately $40,000. Victory Capital Management Inc. purchased a new position in shares of Elastic in the fourth quarter valued at approximately $42,000. PNC Financial Services Group Inc. purchased a new position in shares of Elastic in the fourth quarter valued at approximately $100,000. Finally, Partner Investment Management L.P. purchased a new position in shares of Elastic in the fourth quarter valued at approximately $137,000. Institutional investors and hedge funds own 33.68% of the company’s stock.

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About Elastic (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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