Elastic (NYSE:ESTC) Sees Strong Trading Volume After Analyst Upgrade

Elastic (NYSE:ESTC) saw strong trading volume on Friday after DA Davidson raised their price target on the stock from $75.00 to $115.00. DA Davidson currently has a neutral rating on the stock. 3,937,339 shares were traded during mid-day trading, an increase of 202% from the previous session’s volume of 1,302,963 shares.The stock last traded at $109.41 and had previously closed at $94.13.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group lifted their price objective on shares of Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer boosted their target price on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Scotiabank boosted their target price on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday. Finally, Bank of America boosted their target price on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their position. 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. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently bought and sold shares of ESTC. Asset Dedication LLC lifted its holdings in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in shares of Elastic in the 2nd quarter worth approximately $40,000. Quarry LP acquired a new position in shares of Elastic in the 2nd quarter worth approximately $40,000. Lynx Investment Advisory acquired a new position in shares of Elastic in the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC lifted its holdings in shares of Elastic by 44.1% in the 2nd 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 currently owned by institutional investors and hedge funds.

Elastic Stock Performance

The firm’s fifty day moving average price is $81.13 and its 200 day moving average price is $97.04. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) 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 net margin of 4.62% and a negative return on equity of 17.54%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.35) EPS. Analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

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.