Elastic (NYSE:ESTC) Upgraded to Outperform at Robert W. Baird

Elastic (NYSE:ESTC) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Friday, MarketBeat.com reports. The firm presently has a $135.00 target price on the stock, up from their previous target price of $95.00. Robert W. Baird’s price objective indicates a potential upside of 24.97% from the company’s previous close.

Several other research analysts have also weighed in on the stock. DA Davidson cut their price objective on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Truist Financial cut their price target on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. TD Cowen lowered their price objective 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. Wedbush upgraded Elastic to a “hold” rating in a report on Thursday, October 17th. Finally, Jefferies Financial Group reduced their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC opened at $108.03 on Friday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company’s 50 day simple moving average is $81.78 and its 200 day simple moving average is $97.04. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

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

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’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 value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last quarter. 15.90% of the stock is owned by corporate insiders.

Institutional Trading of Elastic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC boosted its stake in Elastic by 131.9% during the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock valued at $333,000 after acquiring an additional 2,467 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 50,355 shares in the last quarter. Vestcor Inc bought a new position in shares of Elastic during the third quarter worth about $1,919,000. M&T Bank Corp grew its stake in Elastic by 3.1% in the third 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. Finally, Barclays PLC increased its holdings in Elastic by 56.2% in the third quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after buying an additional 55,084 shares during the last quarter. 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.