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

Baird R W upgraded shares of Elastic (NYSE:ESTC) from a hold rating to a strong-buy rating in a research note released on Friday,Zacks.com reports.

ESTC has been the subject of several other reports. Rosenblatt Securities reissued a “buy” rating and set a $120.00 price target on shares of Elastic in a report on Wednesday, November 20th. TD Cowen reduced their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. The Goldman Sachs Group upped their price objective on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Guggenheim raised their target price on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday. Finally, Royal Bank of Canada boosted their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday. Six investment 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Up 14.8 %

Elastic stock opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a 50 day moving average of $81.78 and a two-hundred day moving average of $96.91. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings results 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 firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period last year, the company earned ($0.35) earnings per share. As a group, research analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This represents a 3.43 % 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, CEO Ashutosh Kulkarni sold 19,649 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 transaction of $1,380,342.25. Following the sale, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC increased 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 purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Elastic in the 2nd quarter worth $40,000. Quarry LP purchased a new position in shares of Elastic in 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 grew its position in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the period. 97.03% of the stock is currently 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.