Elastic (NYSE:ESTC) Rating Increased to Outperform at Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research note issued to investors on Monday, Marketbeat reports. They currently have $135.00 price target on the stock.

ESTC has been the topic of several other reports. Citigroup upped their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Barclays upped their price objective on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Bank of America lifted their target price on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company raised their price objective on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Canaccord Genuity Group increased their target price on Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $126.33.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $111.45 on Monday. 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 company has a 50-day moving average price of $81.78 and a 200-day moving average price of $96.91. The company has a market cap of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

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 negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period last year, the company earned ($0.35) EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the 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 sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the company. Interval Partners LP purchased a new position in Elastic during the 1st quarter worth $1,704,000. Fifth Third Wealth Advisors LLC purchased a new stake in Elastic during the 3rd quarter worth approximately $1,262,000. WD Rutherford LLC acquired a new position in Elastic during the 2nd quarter valued at approximately $422,000. Assenagon Asset Management S.A. purchased a new position in shares of Elastic in the second quarter worth $102,169,000. Finally, Daventry Group LP lifted its stake in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after buying an additional 25,008 shares during the period. 97.03% of the stock is currently owned by 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.