Elastic (NYSE:ESTC) Upgraded at Monness Crespi & Hardt

Key Points

• Monness Crespi & Hardt upgraded Elastic from “neutral” to “buy” and set a $120 price target, implying 25.86% upside from the stock’s $95.34 opening price.
• Elastic reported stronger-than-expected quarterly results, with EPS of $0.70 versus the $0.58 consensus estimate and revenue of $478.11 million, up 15.2% year over year.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and average target price of $97.92, while institutional investors own 97.03% of the company.

Elastic (NYSE:ESTC - Get Free Report) was upgraded by equities research analysts at Monness Crespi & Hardt from a "neutral" rating to a "buy" rating in a report released on Friday, MarketBeat Ratings reports. The brokerage presently has a $120.00 price target on the stock. Monness Crespi & Hardt's price objective points to a potential upside of 25.86% from the stock's current price.

Several other equities analysts also recently commented on ESTC. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $100.00 target price on shares of Elastic in a research report on Wednesday, September 23rd. Morgan Stanley lifted their price target on Elastic from $66.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday, August 28th. Rosenblatt Securities restated a "buy" rating and issued a $83.00 price target on shares of Elastic in a research note on Wednesday, August 26th. Wells Fargo & Company upped their price objective on Elastic from $60.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, August 25th. Finally, Wall Street Zen cut Elastic from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, Elastic presently has a consensus rating of "Moderate Buy" and an average target price of $97.92.

Elastic Stock Performance

NYSE ESTC opened at $95.34 on Friday. The firm has a 50-day moving average of $85.85 and a 200-day moving average of $65.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.81 and a current ratio of 1.81. The stock has a market cap of $10.01 billion, a PE ratio of 26.71, a P/E/G ratio of 7.82 and a beta of 1.03. Elastic has a 52-week low of $42.05 and a 52-week high of $108.00.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, August 27th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.58 by $0.12. Elastic had a net margin of 20.84% and a negative return on equity of 0.35%. The business had revenue of $478.11 million during the quarter, compared to the consensus estimate of $469.75 million. During the same quarter in the previous year, the firm posted $0.60 EPS. Elastic's revenue was up 15.2% compared to the same quarter last year. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. On average, sell-side analysts anticipate that Elastic will post 0.65 EPS for the current year.

Insider Buying and Selling

In related news, CAO Jane Bone sold 1,542 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $87.78, for a total value of $135,356.76. Following the completion of the sale, the chief accounting officer directly owned 47,697 shares in the company, valued at approximately $4,186,842.66. The trade was a 3.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Mark Dodds sold 10,000 shares of Elastic stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $92.58, for a total value of $925,800.00. Following the completion of the transaction, the executive directly owned 278,538 shares of the company's stock, valued at $25,787,048.04. This represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,585,641 shares of company stock valued at $234,551,366 in the last quarter. Corporate insiders own 12.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ESTC. First Trust Advisors LP lifted its stake in Elastic by 516.1% during the first quarter. First Trust Advisors LP now owns 2,627,636 shares of the company's stock worth $131,356,000 after purchasing an additional 2,201,140 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Elastic by 43.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 6,492,717 shares of the company's stock worth $324,550,000 after buying an additional 1,958,219 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Elastic during the 2nd quarter worth $41,889,000. Assenagon Asset Management S.A. boosted its stake in Elastic by 324.7% in the first quarter. Assenagon Asset Management S.A. now owns 900,017 shares of the company's stock valued at $44,992,000 after buying an additional 688,091 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Elastic by 6,125.6% in the first quarter. SG Americas Securities LLC now owns 548,722 shares of the company's stock valued at $27,431,000 after acquiring an additional 539,908 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

About Elastic

Elastic N.V. NYSE: ESTC develops search, observability and security software for organizations that need to collect, analyze and act on large volumes of data. Its platform helps users search structured and unstructured information, monitor applications and infrastructure, detect security threats and build artificial intelligence-powered experiences.

The company's principal offerings include Elasticsearch, its distributed search and analytics engine; Kibana, a visualization and data exploration interface; and Elastic Cloud, a managed cloud service for deploying Elastic products.

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