Elastic (NYSE:ESTC) Upgraded by Cantor Fitzgerald to “Hold” Rating

Elastic (NYSE:ESTC) was upgraded by stock analysts at Cantor Fitzgerald to a “hold” rating in a research note issued on Thursday, MarketBeat reports. The firm currently has a $108.00 price target on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 7.48% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group increased their target price on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Oppenheimer increased their price objective on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Rosenblatt Securities reissued a “buy” rating and set a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. Piper Sandler upped their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Finally, Morgan Stanley began coverage on shares of Elastic in a research report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $125.70.

Elastic Price Performance

ESTC stock opened at $100.49 on Thursday. The firm has a 50 day simple moving average of $101.65 and a two-hundred day simple moving average of $95.88. The stock has a market cap of $10.41 billion, a PE ratio of 182.70 and a beta of 1.06. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares in the company, valued at $10,244,504.74. The trade was a 10.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock worth $18,637,562 in the last quarter. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. raised its holdings in Elastic by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 30,410 shares of the company’s stock worth $3,464,000 after acquiring an additional 2,777 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Elastic by 4.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 55,823 shares of the company’s stock worth $6,359,000 after purchasing an additional 2,586 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Elastic by 16.6% during the second quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Elastic by 20.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,710 shares of the company’s stock valued at $764,000 after buying an additional 1,123 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Elastic by 23.3% in the 2nd quarter. Hsbc Holdings PLC now owns 15,486 shares of the company’s stock worth $1,772,000 after buying an additional 2,927 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.