Elastic (NYSE:ESTC) Shares Gap Up on Analyst Upgrade

Elastic (NYSE:ESTC)’s stock price gapped up before the market opened on Friday after Robert W. Baird raised their price target on the stock from $135.00 to $140.00. The stock had previously closed at $101.28, but opened at $113.00. Robert W. Baird currently has an outperform rating on the stock. Elastic shares last traded at $114.16, with a volume of 680,032 shares trading hands.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald began coverage on shares of Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price objective for the company. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Wells Fargo & Company upped their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Truist Financial lifted their target price on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and an average price target of $126.22.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the stock. Slow Capital Inc. bought a new position in shares of Elastic during the fourth quarter worth about $5,039,000. Wealth Effects LLC boosted its stake in Elastic by 25.4% during the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after purchasing an additional 5,830 shares during the period. Blueshift Asset Management LLC bought a new position in Elastic in the 3rd quarter worth about $585,000. Charles Schwab Investment Management Inc. increased its stake in shares of Elastic by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after purchasing an additional 14,590 shares during the period. Finally, Bangor Savings Bank bought a new stake in shares of Elastic during the fourth quarter valued at approximately $1,657,000. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Stock Performance

The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of 210.32 and a beta of 1.07. The company has a 50-day moving average price of $105.85 and a 200-day moving average price of $95.51. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. As a group, equities research analysts forecast that Elastic will post -0.77 earnings per share for the current year.

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.