Elastic (NYSE:ESTC) Stock Rating Upgraded by Robert W. Baird

Robert W. Baird upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a report released on Friday morning, Marketbeat reports. Robert W. Baird currently has $135.00 target price on the stock, up from their previous target price of $95.00.

A number of other equities analysts have also recently commented on ESTC. Wells Fargo & Company decreased their target price on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. Canaccord Genuity Group decreased their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research note on Tuesday, October 8th. Stifel Nicolaus reduced their price target on Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Jefferies Financial Group lowered their price objective on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Up 3.2 %

ESTC opened at $111.45 on Friday. The business’s fifty day simple moving average is $81.78 and its 200 day simple moving average is $96.91. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. 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 stock has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates 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 was up 18.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.35) EPS. As a group, research analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Janesh Moorjani sold 6,941 shares of the firm’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 directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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

Several institutional investors and hedge funds have recently modified their holdings of ESTC. Tidal Investments LLC lifted its stake in shares of Elastic by 239.1% in the third quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock worth $753,000 after buying an additional 6,915 shares in the last quarter. Virtu Financial LLC raised its holdings in Elastic by 131.9% in the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock worth $333,000 after acquiring an additional 2,467 shares during the last quarter. Geode Capital Management LLC lifted its position in Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares in the last quarter. Vestcor Inc purchased a new stake in Elastic during the 3rd quarter valued at $1,919,000. Finally, M&T Bank Corp increased its holdings in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares in the last quarter. 97.03% of the stock is currently owned by 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.