Elastic (NYSE:ESTC) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Elastic (NYSE:ESTC) in a research report released on Wednesday morning,Benzinga reports. The firm currently has a $120.00 target price on the stock.

A number of other analysts also recently weighed in on ESTC. Stifel Nicolaus reduced their target price on shares of Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Citigroup raised their target price on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Guggenheim started coverage on Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Jefferies Financial Group cut their price target on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Canaccord Genuity Group lowered their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Six research 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Up 14.8 %

ESTC opened at $108.03 on Wednesday. The company has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. 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 business’s 50-day moving average price is $81.78 and its 200-day moving average price is $97.04.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million for 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%. Elastic’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.35) EPS. On average, equities analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In related news, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction dated 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 completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently bought and sold shares of the business. Asset Dedication LLC lifted its stake in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in Elastic during the second quarter worth $40,000. Quarry LP bought a new position in Elastic during the second quarter valued at $40,000. Lynx Investment Advisory purchased a new stake in shares of Elastic in the second quarter valued at $43,000. Finally, Signaturefd LLC lifted 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 last quarter. Hedge funds and other institutional investors 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.