Elastic (NYSE:ESTC) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Elastic (NYSE:ESTC) in a report released on Friday,Benzinga reports.

ESTC has been the subject of a number of other reports. Barclays upped their target price on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Stifel Nicolaus decreased their target price on shares of Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. DA Davidson lowered their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, August 30th. Oppenheimer dropped their target price on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Finally, Scotiabank lowered their price objective on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 30th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Performance

Shares of ESTC stock opened at $111.45 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company has a 50 day moving average price of $81.78 and a 200-day moving average price of $96.91. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The firm has a market capitalization of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) EPS. As a group, equities research analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 in the last ninety days. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank bought a new stake in shares of Elastic in the first quarter valued at about $5,780,000. Interval Partners LP bought a new stake in shares of Elastic in the 1st quarter valued at about $1,704,000. Russell Investments Group Ltd. lifted its position in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after purchasing an additional 15,659 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in shares of Elastic during the third quarter valued at approximately $1,262,000. Finally, WD Rutherford LLC purchased a new position in Elastic during the second quarter valued at approximately $422,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers 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 on that data.