Elastic (NYSE:ESTC) Rating Increased to Outperform at Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research note released on Monday, Marketbeat reports. The brokerage currently has $135.00 price target on the stock.

A number of other equities analysts have also recently commented on the company. Truist Financial increased their target price on Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. Guggenheim increased their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday. Oppenheimer upped their target price on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Finally, Barclays raised their price objective on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Five 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Price Performance

Shares of NYSE ESTC opened at $111.45 on Monday. 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 firm’s 50 day simple moving average is $81.78 and its 200-day simple moving average is $96.91. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The stock has a market capitalization of $11.45 billion, a price-to-earnings 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, beating analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations 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 period last year, the firm earned ($0.35) EPS. Analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity

In related news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $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 available at this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 in the last three months. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

A number of large investors have recently made changes to their positions in ESTC. Asset Dedication LLC lifted 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 during the period. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic during the 2nd quarter valued at $40,000. Quarry LP acquired a new stake in shares of Elastic during the 2nd quarter worth $40,000. Lynx Investment Advisory acquired a new position in Elastic in the second quarter valued at $43,000. Finally, Signaturefd LLC lifted its stake in shares of Elastic by 44.1% in the 2nd 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 and hedge funds 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.