Elastic (NYSE:ESTC) Trading Up 6.6% on Analyst Upgrade

Shares of Elastic (NYSE:ESTC) were up 6.6% during mid-day trading on Monday after Citigroup raised their price target on the stock from $136.00 to $150.00. Citigroup currently has a buy rating on the stock. Elastic traded as high as $115.30 and last traded at $115.17. Approximately 617,499 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,320,214 shares. The stock had previously closed at $108.03.

Several other equities research analysts have also recently commented on ESTC. Guggenheim boosted their price target on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Canaccord Genuity Group boosted their price objective on shares of Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company boosted their price objective on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday. Rosenblatt Securities restated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research note on Wednesday, November 20th. Finally, Wedbush upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and set a $135.00 price objective on the stock in a research note on Monday. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Insider Activity at Elastic

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value 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 trade represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 in the last quarter. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its stake in shares of Elastic by 24.6% in the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock worth $224,000 after purchasing an additional 441 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after buying an additional 119 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Elastic by 44.1% during the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after buying an additional 1,179 shares during the last quarter. Interval Partners LP bought a new stake in Elastic during the 1st quarter valued at $1,704,000. Finally, Tidal Investments LLC raised its holdings in Elastic by 612.2% during the 1st quarter. Tidal Investments LLC now owns 23,267 shares of the company’s stock valued at $2,332,000 after buying an additional 20,000 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Trading Up 3.2 %

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 stock’s 50-day simple moving average is $81.78 and its 200-day simple moving average is $96.91. The firm has a market capitalization of $11.45 billion, a PE ratio of 202.69 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 for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) EPS. As a group, sell-side analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

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.