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

Key Points

• Elastic N.V. (NYSE:ESTC) received an average rating of “Moderate Buy” from 31 analysts, with a target price set at $120.00.
• Insider activity includes CEO Ashutosh Kulkarni selling 19,622 shares at an average price of $90.12, resulting in a total transaction value of approximately $1.77 million.
• A significant increase in institutional ownership was noted, with Massachusetts Financial Services Co. MA boosting its stake by 5,437.6% in the first quarter, now owning over 2.24 million shares.

Elastic N.V. (NYSE:ESTC - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the thirty-one ratings firms that are currently covering the stock, Marketbeat reports. Nine analysts have rated the stock with a hold recommendation, twenty-one have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $120.00.

A number of research firms have recently commented on ESTC. Robert W. Baird boosted their price objective on Elastic from $105.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Stifel Nicolaus upped their price target on shares of Elastic from $112.00 to $134.00 and gave the company a "buy" rating in a report on Friday, August 29th. Morgan Stanley raised their price objective on shares of Elastic from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. DA Davidson assumed coverage on shares of Elastic in a report on Friday, August 29th. They issued a "neutral" rating and a $105.00 target price on the stock. Finally, Oppenheimer restated an "outperform" rating on shares of Elastic in a report on Friday, August 29th.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 19,622 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $1,768,334.64. Following the completion of the sale, the chief executive officer directly owned 457,314 shares of the company's stock, valued at $41,213,137.68. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 5,143 shares of Elastic stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the completion of the transaction, the insider directly owned 94,677 shares in the company, valued at $8,532,291.24. This represents a 5.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,536 shares of company stock worth $30,872,136. Corporate insiders own 12.70% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its position in Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares in the last quarter. AQR Capital Management LLC increased 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 buying an additional 1,383,065 shares during the last quarter. Driehaus Capital Management LLC grew its position in Elastic by 1,450.8% in the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock worth $78,448,000 after acquiring an additional 823,680 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in Elastic by 302.1% in the second quarter. Qube Research & Technologies Ltd now owns 932,630 shares of the company's stock worth $78,649,000 after purchasing an additional 700,697 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in Elastic by 305.9% during the second quarter. BNP Paribas Financial Markets now owns 832,353 shares of the company's stock worth $70,192,000 after buying an additional 627,284 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Trading Up 0.9%

Elastic stock opened at $85.93 on Friday. Elastic has a 12-month low of $70.14 and a 12-month high of $118.84. The stock has a market capitalization of $9.13 billion, a PE ratio of -107.41 and a beta of 1.04. The firm has a 50 day simple moving average of $83.84 and a 200-day simple moving average of $85.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09.

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.

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