Elastic (NYSE:ESTC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Elastic (NYSE:ESTC) from a hold rating to a buy rating in a research report report published on Friday morning.

ESTC has been the topic of several other reports. DA Davidson reduced their price objective on Elastic from $115.00 to $75.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Barclays reduced their price target on Elastic from $138.00 to $124.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Wells Fargo & Company raised their target price on shares of Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Jefferies Financial Group reduced their target price on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, TD Securities decreased their target price on Elastic from $125.00 to $105.00 and set a “hold” rating for the company in a research report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.67.

Elastic Price Performance

Shares of NYSE ESTC opened at $80.95 on Friday. The stock has a fifty day moving average of $85.51 and a 200-day moving average of $97.74. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The stock has a market cap of $8.45 billion, a PE ratio of 147.18 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. During the same quarter last year, the company earned $0.21 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. Equities research analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 172,636 shares of company stock valued at $17,959,032 over the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. purchased a new stake in Elastic during the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Elastic during the 4th quarter valued at $25,000. Cloud Capital Management LLC bought a new stake in shares of Elastic during the 1st quarter valued at $25,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic in the 4th quarter worth $26,000. Finally, Venturi Wealth Management LLC raised its holdings in Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.