Elastic (NYSE:ESTC) Upgraded at Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have $135.00 target price on the stock.

A number of other equities analysts also recently issued reports on ESTC. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. TD Cowen decreased their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Piper Sandler upped 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. Finally, Guggenheim lifted their target price on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Five investment 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 company’s stock. Based on data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Price Performance

ESTC stock opened at $110.13 on Monday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm has a 50-day moving average of $83.22 and a 200 day moving average of $96.99. The company has a market cap of $11.32 billion, a P/E ratio of 204.47 and a beta of 0.94.

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

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 4.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 198,551 shares of company stock valued at $20,506,656 in the last 90 days. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in ESTC. 1832 Asset Management L.P. bought a new stake in Elastic during the second quarter valued at approximately $248,335,000. FMR LLC grew its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Elastic in the 2nd quarter worth $102,169,000. Atreides Management LP increased its stake in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after purchasing an additional 613,774 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.