Elastic (NYSE:ESTC) Trading Up 6.6% Following Analyst Upgrade

Elastic (NYSE:ESTC)’s share price rose 6.6% during mid-day trading on Monday after Citigroup raised their price target on the stock from $136.00 to $150.00. Citigroup currently has a buy rating on the stock. Elastic traded as high as $115.30 and last traded at $115.17. Approximately 617,499 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 1,320,214 shares. The stock had previously closed at $108.03.

ESTC has been the subject of a number of other reports. Piper Sandler raised their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday. The Goldman Sachs Group raised their price target on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. UBS Group lowered their price target on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Guggenheim raised their price target on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Finally, DA Davidson lifted their target price on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction dated 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 directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Interval Partners LP purchased a new stake in Elastic during the first quarter worth approximately $1,704,000. Fifth Third Wealth Advisors LLC purchased a new stake in Elastic during the third quarter worth approximately $1,262,000. WD Rutherford LLC purchased a new stake in Elastic during the second quarter worth approximately $422,000. Assenagon Asset Management S.A. acquired a new position in Elastic during the second quarter worth approximately $102,169,000. Finally, Daventry Group LP increased its position in Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after buying an additional 25,008 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

The company has a market cap of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $96.91.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the prior year, the company posted ($0.35) earnings per share. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. On average, sell-side analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Elastic Company Profile

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.