Needham & Company LLC Reiterates Hold Rating for Elastic (NYSE:ESTC)

Needham & Company LLC restated their hold rating on shares of Elastic (NYSE:ESTC) in a research report sent to investors on Friday,Benzinga reports.

Other equities research analysts also recently issued research reports about the company. DA Davidson lowered their price target on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. TD Cowen decreased their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Bank of America boosted their price objective on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday. Finally, 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 report on Friday, August 30th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Stock Performance

Shares of ESTC opened at $111.45 on Friday. 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 company has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. The stock has a 50-day moving average price of $81.78 and a 200-day moving average price of $96.91.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. Elastic’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.35) earnings per share. As a group, equities analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other news, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the company’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 $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Asset Dedication LLC raised its stake in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic during the second quarter valued at $40,000. Quarry LP purchased a new position in shares of Elastic in the 2nd quarter worth about $40,000. Lynx Investment Advisory bought a new position in Elastic in the 2nd quarter worth about $43,000. Finally, Signaturefd LLC grew its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.