Elastic (NYSE:ESTC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Elastic (NYSE:ESTC) have earned an average rating of “Moderate Buy” from the twenty-four analysts that are covering the company, Marketbeat reports. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $103.71.

A number of research firms have recently commented on ESTC. Rosenblatt Securities reaffirmed a “buy” rating and set a $136.00 target price on shares of Elastic in a research note on Tuesday, August 27th. Robert W. Baird lowered shares of Elastic from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $135.00 to $95.00 in a research note on Friday, August 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research note on Tuesday, October 8th. Bank of America cut shares of Elastic from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $140.00 to $94.00 in a research report on Friday, August 30th. Finally, Wells Fargo & Company decreased their price target on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th.

Elastic Stock Performance

NYSE:ESTC opened at $85.35 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The company has a market cap of $8.77 billion, a price-to-earnings ratio of 155.18 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock’s 50 day simple moving average is $78.35 and its two-hundred day simple moving average is $98.17.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same quarter last year, the business posted ($0.35) earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. As a group, equities analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In related news, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This represents a 0.00 % 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 over the last 90 days. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ESTC. Advisors Asset Management Inc. raised its holdings in shares of Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after acquiring an additional 119 shares during the last quarter. Signaturefd LLC lifted its holdings in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after purchasing an additional 201 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after buying an additional 219 shares in the last quarter. Finally, Headlands Technologies LLC raised its position in shares of Elastic by 75.4% in the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock valued at $72,000 after buying an additional 270 shares during the last quarter. 97.03% of the stock is 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.