Elastic (NYSE:ESTC) Stock Rating Upgraded by Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) to a hold rating in a research note published on Thursday morning, Zacks.com reports.

Several other equities research analysts have also recently weighed in on ESTC. TD Cowen lowered their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Royal Bank of Canada lowered their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Canaccord Genuity Group reduced their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Finally, UBS Group cut their price target on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $103.71.

Elastic Trading Down 0.9 %

Shares of Elastic stock opened at $81.57 on Thursday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The stock has a market capitalization of $8.30 billion, a P/E ratio of 153.91 and a beta of 0.94. The company has a 50-day simple moving average of $85.28 and a 200 day simple moving average of $99.68. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company’s revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.35) earnings per share. Research analysts expect that Elastic will post -0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of 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 700.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Asset Dedication LLC grew its position in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic in the second quarter valued at about $40,000. Quarry LP bought a new stake in Elastic during the second quarter worth about $40,000. Lynx Investment Advisory acquired a new position in Elastic during the second quarter valued at approximately $43,000. Finally, Signaturefd LLC grew 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. 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.