Rosenblatt Securities Reiterates Buy Rating for Elastic (NYSE:ESTC)

Elastic (NYSE:ESTC)‘s stock had its “buy” rating reiterated by Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They presently have a $130.00 price objective on the stock. Rosenblatt Securities’ price objective points to a potential upside of 25.55% from the stock’s previous close.

ESTC has been the topic of a number of other research reports. 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, November 22nd. Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Barclays increased their target price on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Wells Fargo & Company raised their price objective on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $95.00 to $135.00 in a research note on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.78.

Elastic Stock Performance

ESTC opened at $103.55 on Tuesday. The stock has a market cap of $10.73 billion, a price-to-earnings ratio of 188.26 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The business has a 50 day moving average of $105.91 and a 200-day moving average of $95.47.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ESTC. Private Advisor Group LLC acquired a new position in Elastic during the 3rd quarter worth about $211,000. WD Rutherford LLC raised its position in shares of Elastic by 15.0% in the 3rd quarter. WD Rutherford LLC now owns 4,256 shares of the company’s stock worth $327,000 after acquiring an additional 555 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Elastic in the 3rd quarter worth about $2,540,000. Fernwood Investment Management LLC raised its position in shares of Elastic by 1.3% in the 3rd quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock worth $2,046,000 after acquiring an additional 350 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after acquiring an additional 201 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.