Baird R W Upgrades Elastic (NYSE:ESTC) to “Strong-Buy”

Elastic (NYSE:ESTC) was upgraded by Baird R W from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

Other analysts also recently issued reports about the stock. DA Davidson lifted their price objective on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday. The Goldman Sachs Group raised their price objective on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Guggenheim increased their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Friday. Finally, Scotiabank increased their price objective on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

Shares of Elastic stock opened at $108.03 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The firm’s 50-day simple moving average is $81.78 and its 200-day simple moving average is $97.04. The firm has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the company earned ($0.35) EPS. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, research analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently made changes to their positions in ESTC. Asset Dedication LLC raised its stake in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the 2nd quarter worth about $40,000. Quarry LP acquired a new position in shares of Elastic in the 2nd quarter valued at about $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic during the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC grew 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 purchasing an additional 119 shares during the period. 97.03% of the stock is currently 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.