Elastic (NYSE:ESTC) Rating Increased to Strong-Buy at Baird R W

Elastic (NYSE:ESTC) was upgraded by Baird R W from a “hold” rating to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

A number of other analysts have also commented on ESTC. TD Cowen decreased their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Royal Bank of Canada upped their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company lifted their price target on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday. Truist Financial increased their price objective on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup lifted their target price on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Price Performance

ESTC stock opened at $108.03 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The company’s 50-day moving average is $81.78 and its 200-day moving average is $97.04. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for 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%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) earnings per share. Equities research analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 2,666 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 $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently bought and sold shares of ESTC. Asset Dedication LLC grew its position in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic during the 2nd quarter valued at about $40,000. Quarry LP purchased a new position in shares of Elastic during the second quarter worth about $40,000. Lynx Investment Advisory bought a new position in shares of Elastic in the second quarter worth approximately $43,000. Finally, Signaturefd LLC raised its stake in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

About Elastic

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.