Elastic (NYSE:ESTC) Upgraded at Wedbush

Elastic (NYSE:ESTC) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Monday, Marketbeat.com reports. The firm currently has a $135.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 24.97% from the company’s current price.

ESTC has been the topic of a number of other research reports. Piper Sandler lifted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. Scotiabank upped their target price on Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and upped their target price for the company from $95.00 to $135.00 in a research note on Friday. TD Cowen reduced their target price on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Finally, Bank of America upped their target price on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday. Five 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.24.

Elastic Stock Performance

NYSE ESTC opened at $108.03 on Monday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The business’s 50-day moving average price is $81.78 and its 200 day moving average price is $96.91. The firm has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the company earned ($0.35) EPS. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, equities research analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently bought and sold shares of the company. Interval Partners LP bought a new position in Elastic in the first quarter worth about $1,704,000. Fifth Third Wealth Advisors LLC bought a new stake in shares of Elastic during the third quarter valued at approximately $1,262,000. WD Rutherford LLC bought a new stake in shares of Elastic during the second quarter valued at approximately $422,000. Assenagon Asset Management S.A. bought a new stake in shares of Elastic during the second quarter valued at approximately $102,169,000. Finally, Daventry Group LP raised its holdings in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after buying an additional 25,008 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.