Elastic’s (ESTC) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Elastic (NYSE:ESTC) in a report published on Wednesday,Benzinga reports. They currently have a $120.00 target price on the stock.

Other research analysts have also issued reports about the stock. Truist Financial decreased their price target on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Scotiabank decreased their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Wells Fargo & Company decreased their price target on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 30th. Finally, DA Davidson decreased their price target on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 30th. Seven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Performance

Elastic stock opened at $107.94 on Wednesday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm’s fifty day moving average price is $81.13 and its 200 day moving average price is $97.04.

Elastic (NYSE:ESTC) last released 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 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) EPS. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. On average, research analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 4,489 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the business’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 transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently made changes to their positions in the company. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic during the second quarter valued at approximately $40,000. Quarry LP acquired a new stake in shares of Elastic during the second quarter valued at approximately $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic during the second quarter valued at approximately $43,000. Finally, Signaturefd LLC raised its holdings in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds 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.