Cantor Fitzgerald Initiates Coverage on Elastic (NYSE:ESTC)

Analysts at Cantor Fitzgerald started coverage on shares of Elastic (NYSE:ESTC) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $108.00 price target on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 7.48% from the stock’s previous close.

ESTC has been the topic of several other research reports. Citigroup boosted their price target on shares of Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Guggenheim increased their price target on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Baird R W raised Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Scotiabank boosted their price target on Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average price target of $125.70.

Elastic Price Performance

Shares of NYSE:ESTC opened at $100.49 on Friday. The firm has a market capitalization of $10.41 billion, a PE ratio of 182.70 and a beta of 1.06. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The business’s 50 day moving average is $101.65 and its 200-day moving average is $95.74.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the transaction, the insider now directly owns 92,011 shares in the company, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock worth $18,637,562 over the last 90 days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. American Century Companies Inc. increased its stake in shares of Elastic by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 30,410 shares of the company’s stock valued at $3,464,000 after acquiring an additional 2,777 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Elastic by 4.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 55,823 shares of the company’s stock valued at $6,359,000 after purchasing an additional 2,586 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Elastic by 16.6% in the second quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Elastic by 20.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,710 shares of the company’s stock worth $764,000 after purchasing an additional 1,123 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Elastic by 23.3% during the second quarter. Hsbc Holdings PLC now owns 15,486 shares of the company’s stock worth $1,772,000 after purchasing an additional 2,927 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.