Elastic N.V. (NYSE:ESTC) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Elastic N.V. (NYSE:ESTC) has received an average analyst rating of "Moderate Buy", with eight analysts recommending a hold and twenty recommending a buy or strong buy.
• The average price target among brokerages for Elastic's stock is $112.72, although recent reports show price targets ranging from $100 to $135.
• Elastic's stock has seen a 2.5% decline, with current shares priced at $74.48, while its annual performance has a range from a low of $69.00 to a high of $118.84.

Elastic N.V. (NYSE:ESTC - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $112.72.

Several research analysts have commented on ESTC shares. Oppenheimer lowered their target price on Elastic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Monday, July 21st. Guggenheim lowered their target price on Elastic from $136.00 to $107.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Rosenblatt Securities lowered their target price on Elastic from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Monness Crespi & Hardt raised Elastic from a "neutral" rating to a "buy" rating and set a $111.00 target price for the company in a research note on Friday, June 27th. Finally, Canaccord Genuity Group lowered their price objective on Elastic from $135.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, June 2nd.

Insiders Place Their Bets

In other Elastic news, insider Ken Exner sold 6,918 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $601,243.38. Following the transaction, the insider directly owned 230,494 shares of the company's stock, valued at $20,032,233.54. The trade was a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $444,718.47. Following the completion of the sale, the chief technology officer owned 4,560,291 shares in the company, valued at approximately $396,334,890.81. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently made changes to their positions in the business. Sylebra Capital LLC boosted its holdings in Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Elastic by 5,437.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after acquiring an additional 2,246,808 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Elastic by 3.6% in the second quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company's stock worth $132,384,000 after acquiring an additional 54,812 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Elastic by 6,651.3% in the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock worth $122,978,000 after acquiring an additional 1,383,065 shares in the last quarter. Finally, RGM Capital LLC boosted its holdings in Elastic by 38.1% in the first quarter. RGM Capital LLC now owns 1,197,030 shares of the company's stock worth $106,655,000 after acquiring an additional 330,290 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

Elastic Stock Performance

Shares of Elastic stock traded down $1.89 during trading on Friday, reaching $74.48. The company's stock had a trading volume of 2,845,609 shares, compared to its average volume of 1,325,983. The business's 50-day moving average price is $84.19 and its 200-day moving average price is $91.30. The firm has a market cap of $7.86 billion, a PE ratio of -70.93 and a beta of 1.07. Elastic has a 52 week low of $69.00 and a 52 week high of $118.84. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million during the quarter, compared to analysts' expectations of $380.61 million. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. Elastic's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 earnings per share. Equities analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Elastic Company Profile

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.