Elastic (NYSE:ESTC) Upgraded at Robert W. Baird

Robert W. Baird upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a report released on Friday morning, Marketbeat reports. The firm currently has $135.00 price objective on the stock, up from their previous price objective of $95.00.

ESTC has been the subject of several other reports. DA Davidson reduced their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 30th. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Oppenheimer reduced their price target on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Bank of America lowered shares of Elastic from a “buy” rating to a “neutral” rating and decreased their price target for the company from $140.00 to $94.00 in a research note on Friday, August 30th. Finally, TD Cowen cut their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

ESTC opened at $108.03 on Friday. The firm has a fifty day moving average price of $81.78 and a 200 day moving average price of $96.91. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

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 analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. The company’s revenue was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Janesh Moorjani sold 6,941 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 transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ESTC. Asset Dedication LLC raised its stake in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in Elastic in the second quarter valued at $40,000. Quarry LP acquired a new stake in Elastic in the second quarter valued at $40,000. Lynx Investment Advisory purchased a new stake in shares of Elastic during the 2nd quarter worth $43,000. Finally, Signaturefd LLC grew its stake in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 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.