Wedbush Upgrades Elastic (NYSE:ESTC) to “Hold”

Elastic (NYSE:ESTC) was upgraded by Wedbush to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Bank of America cut shares of Elastic from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $140.00 to $94.00 in a research note on Friday, August 30th. Piper Sandler decreased their target price on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Jefferies Financial Group decreased their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Elastic Price Performance

Shares of NYSE:ESTC opened at $81.60 on Thursday. The firm’s 50 day moving average price is $85.75 and its 200-day moving average price is $99.80. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $8.30 billion, a PE ratio of 154.28 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis. Equities research analysts expect that Elastic will post -0.91 EPS for the current year.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The trade was a 700.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Insiders own 18.10% of the company’s stock.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in Elastic by 21.2% in the 3rd quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock worth $198,000 after purchasing an additional 452 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Elastic by 7.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,715 shares of the company’s stock worth $669,000 after purchasing an additional 568 shares during the period. Vontobel Holding Ltd. raised its position in Elastic by 241.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 14,900 shares of the company’s stock worth $1,144,000 after purchasing an additional 10,534 shares during the period. Exchange Traded Concepts LLC raised its position in Elastic by 51.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 27,666 shares of the company’s stock worth $2,124,000 after purchasing an additional 9,444 shares during the period. Finally, CWM LLC raised its position in Elastic by 2.7% in the 3rd quarter. CWM LLC now owns 26,635 shares of the company’s stock worth $2,045,000 after purchasing an additional 706 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.