Insect, say, flying over the moon (2,7)

I believe the answer is:
'over the moon' is the definition.
(both can mean very happy)
'insect say flying' is the wordplay.
'flying' indicates anagramming the letters.
'insect'+'say'='insectsay'
'insectsay' is an anagram of 'IN ECSTASY'.
I've seen this clue in The Guardian.