Elastic (NYSE:ESTC) Rating Increased to Overweight at Barclays

Barclays upgraded shares of Elastic (NYSE:ESTC) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. Barclays currently has $95.00 price objective on the stock, up from their prior price objective of $90.00.

A number of other equities research analysts also recently commented on ESTC. Guggenheim started coverage on Elastic in a research report on Wednesday, September 11th. They issued a buy rating and a $100.00 target price on the stock. Baird R W cut shares of Elastic from a strong-buy rating to a hold rating in a research report on Friday, August 30th. Wells Fargo & Company dropped their price target on shares of Elastic from $145.00 to $100.00 and set an overweight rating for the company in a research report on Friday, August 30th. UBS Group decreased their price objective on shares of Elastic from $135.00 to $95.00 and set a buy rating on the stock in a report on Friday, August 30th. Finally, Bank of America downgraded shares of Elastic from a buy rating to a neutral rating and dropped their target price for the company from $140.00 to $94.00 in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $103.71.

Elastic Trading Down 2.4 %

Shares of ESTC stock opened at $77.14 on Monday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 145.55 and a beta of 0.94. The company’s 50-day moving average price is $89.40 and its 200-day moving average price is $100.88. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last posted its quarterly earnings results 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 analysts’ expectations of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) EPS. As a group, equities analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic 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 $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 700.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several hedge funds have recently modified their holdings of ESTC. Advisors Asset Management Inc. boosted its holdings in Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Elastic by 8.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock worth $278,000 after acquiring an additional 185 shares during the period. Headlands Technologies LLC increased its stake in Elastic by 75.4% in the 2nd quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock valued at $72,000 after purchasing an additional 270 shares in the last quarter. Finally, Asset Dedication LLC raised its holdings 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 purchasing an additional 280 shares during the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.