Elastic (NYSE:ESTC) Raised to “Outperform” at Wedbush

Elastic (NYSE:ESTC) was upgraded by equities research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Monday, MarketBeat.com reports. The firm presently has a $135.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 21.03% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. increased their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Jefferies Financial Group increased their price objective on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Stifel Nicolaus upped their price target on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Performance

NYSE ESTC opened at $111.54 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The company has a market capitalization of $11.46 billion, a PE ratio of 200.47 and a beta of 0.94. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a 50-day simple moving average of $82.49 and a 200 day simple moving average of $96.96.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. Elastic’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.35) earnings per share. On average, research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 4.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ESTC. ProShare Advisors LLC boosted its stake in Elastic by 24.6% during the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock worth $224,000 after acquiring an additional 441 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Elastic by 12.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares during the last quarter. Lazard Asset Management LLC increased its position in Elastic by 44.1% during the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after buying an additional 1,179 shares in the last quarter. Interval Partners LP purchased a new position in Elastic during the first quarter valued at $1,704,000. Finally, Tidal Investments LLC boosted its holdings in Elastic by 612.2% in the first quarter. Tidal Investments LLC now owns 23,267 shares of the company’s stock worth $2,332,000 after acquiring an additional 20,000 shares in the last quarter. 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.