Elastic (NYSE:ESTC) Rating Increased to Overweight at Barclays

Barclays upgraded shares of Elastic (NYSE:ESTC) from an equal weight rating to an overweight rating in a report released on Monday, MarketBeat.com reports. The brokerage currently has $95.00 target price on the stock, up from their prior target price of $90.00.

Several other research analysts also recently commented on the company. Scotiabank reduced their price objective on Elastic from $135.00 to $92.00 and set a sector outperform rating for the company in a research note on Friday, August 30th. Royal Bank of Canada cut their target price on Elastic from $135.00 to $110.00 and set an outperform rating for the company in a research note on Friday, August 30th. Stifel Nicolaus cut their target price on Elastic from $120.00 to $98.00 and set a buy rating for the company in a research note on Friday, August 30th. Robert W. Baird downgraded Elastic from an outperform rating to a neutral rating and cut their target price for the stock from $135.00 to $95.00 in a research note on Friday, August 30th. Finally, Baird R W downgraded Elastic from a strong-buy rating to a hold rating in a research note on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $103.71.

Elastic Stock Up 2.7 %

NYSE ESTC opened at $82.00 on Monday. The business has a fifty day moving average price of $87.70 and a 200 day moving average price of $100.42. Elastic has a one year low of $69.00 and a one year high of $136.06. 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 company has a market cap of $8.34 billion, a P/E ratio of 154.72 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the company earned ($0.35) EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. Research analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 in the last three months. 18.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB purchased a new position in shares of Elastic in the 1st quarter valued at about $3,104,000. Toronto Dominion Bank purchased a new position in shares of Elastic in the 1st quarter valued at about $5,780,000. Quantbot Technologies LP boosted its stake in shares of Elastic by 165.2% in the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock valued at $1,295,000 after buying an additional 8,048 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after buying an additional 15,514 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Elastic by 77.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock worth $93,996,000 after acquiring an additional 364,418 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.