Elastic (NYSE:ESTC) Earns Buy Rating from Rosenblatt Securities

Elastic (NYSE:ESTC)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a research note issued on Wednesday,Benzinga reports. They presently have a $120.00 target price on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 26.89% from the company’s current price.

Several other brokerages have also issued reports on ESTC. Royal Bank of Canada dropped their price target on Elastic from $135.00 to $110.00 and set an “outperform” 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. Oppenheimer dropped their target price on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Bank of America cut Elastic from a “buy” rating to a “neutral” rating and dropped their target price for the company from $140.00 to $94.00 in a report on Friday, August 30th. Finally, UBS Group dropped their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.43.

Elastic Price Performance

Shares of NYSE ESTC opened at $94.57 on Wednesday. The stock has a market cap of $9.72 billion, a PE ratio of 171.15 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The stock has a fifty day moving average of $80.71 and a 200-day moving average of $97.05. 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 posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) earnings per share. Equities research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Transactions at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last ninety days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently bought and sold shares of ESTC. Asset Dedication LLC increased its holdings in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the second quarter worth about $40,000. Quarry LP bought a new stake in shares of Elastic in the second quarter worth about $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic in the second quarter worth about $43,000. Finally, Signaturefd LLC increased its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

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.