Elastic (NYSE:ESTC) Trading 6.7% Higher – What’s Next?

Elastic (NYSE:ESTC)’s share price rose 6.7% during trading on Tuesday . The company traded as high as $97.12 and last traded at $97.27. Approximately 1,375,992 shares changed hands during trading, an increase of 6% from the average daily volume of 1,295,755 shares. The stock had previously closed at $91.18.

Analyst Ratings Changes

ESTC has been the topic of a number of analyst reports. Guggenheim increased their price target on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and set a $130.00 target price on shares of Elastic in a research note on Tuesday, February 25th. Citigroup lifted their price target on shares of Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. increased their price objective on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their price objective on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average price target of $131.52.

Elastic Stock Up 6.7 %

The firm has a market cap of $10.16 billion, a price-to-earnings ratio of 176.85 and a beta of 1.20. The firm has a fifty day simple moving average of $106.00 and a 200-day simple moving average of $95.13. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, sell-side analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the transaction, the chief technology officer now owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 172,814 shares of company stock worth $18,596,060 in the last ninety days. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several large investors have recently modified their holdings of ESTC. M&T Bank Corp lifted its position in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. Sigma Planning Corp raised its position in shares of Elastic by 3.7% in the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after buying an additional 139 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock worth $302,000 after acquiring an additional 151 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after acquiring an additional 158 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during 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.