Elastic (NYSE:ESTC) Shares Up 5.1%

Elastic (NYSE:ESTC) shares shot up 5.1% during trading on Thursday . The company traded as high as $115.74 and last traded at $115.68. 484,602 shares traded hands during trading, a decline of 63% from the average session volume of 1,324,509 shares. The stock had previously closed at $110.04.

Analysts Set New Price Targets

A number of research firms have recently commented on ESTC. Canaccord Genuity Group cut their target price on Elastic from $130.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Robert W. Baird dropped their price target on Elastic from $137.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. UBS Group assumed coverage on Elastic in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $135.00 price target on the stock. Bank of America dropped their price target on Elastic from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Finally, The Goldman Sachs Group boosted their price target on Elastic from $93.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.05.

Elastic Price Performance

The company has a 50 day moving average price of $107.44 and a 200 day moving average price of $110.46. The firm has a market cap of $11.59 billion, a PE ratio of 214.92 and a beta of 0.92. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The firm had revenue of $335.00 million for the quarter, compared to analysts’ expectations of $329.15 million. Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. On average, sell-side analysts expect that Elastic will post -1.12 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at approximately $50,769,513.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at approximately $50,769,513.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carolyn Herzog sold 5,820 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now owns 107,448 shares of the company’s stock, valued at $11,805,311.76. The disclosure for this sale can be found here. Insiders sold 355,312 shares of company stock worth $38,626,610 in the last ninety days. Insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Sylebra Capital LLC acquired a new stake in shares of Elastic during the 3rd quarter worth $318,822,000. Baillie Gifford & Co. increased its holdings in shares of Elastic by 30.8% during the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after buying an additional 2,392,356 shares during the last quarter. Alkeon Capital Management LLC increased its holdings in shares of Elastic by 82.1% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,995,985 shares of the company’s stock worth $162,154,000 after buying an additional 900,000 shares during the last quarter. Norges Bank acquired a new stake in shares of Elastic during the 4th quarter worth $92,847,000. Finally, 1832 Asset Management L.P. acquired a new stake in shares of Elastic during the 4th quarter worth $58,153,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.