Elastic (NYSE:ESTC) Now Covered by DA Davidson

Key Points

• DA Davidson has initiated coverage of Elastic (NYSE:ESTC) with a "neutral" rating and a price target of $105.00, indicating a potential upside of 19.21% from the previous close.
• Elastic reported earnings of $0.47 per share, exceeding analysts' expectations of $0.37, along with a revenue of $388.43 million for the quarter, marking a 15.9% year-over-year increase.
• Overall, Elastic has a consensus rating of "Moderate Buy" among analysts and a target price averaging $114.44.

Research analysts at DA Davidson began coverage on shares of Elastic (NYSE:ESTC - Get Free Report) in a research note issued on Friday. The firm set a "neutral" rating and a $105.00 price target on the stock. DA Davidson's price target would indicate a potential upside of 19.21% from the company's previous close.

ESTC has been the subject of a number of other research reports. Oppenheimer reissued an "outperform" rating on shares of Elastic in a research report on Friday. Stifel Nicolaus cut their price objective on shares of Elastic from $140.00 to $112.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wells Fargo & Company decreased their target price on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Barclays reiterated an "overweight" rating on shares of Elastic in a research report on Friday. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Elastic in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Elastic has a consensus rating of "Moderate Buy" and a consensus target price of $114.44.

Elastic Price Performance

Shares of NYSE ESTC opened at $88.08 on Friday. The firm has a market cap of $9.30 billion, a P/E ratio of -83.88 and a beta of 1.07. The business's 50 day moving average is $82.67 and its 200-day moving average is $88.29. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. Elastic has a 1-year low of $69.00 and a 1-year high of $118.84.

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

Insider Activity

In related news, insider Ken Exner sold 6,918 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the completion of the sale, the insider directly owned 230,494 shares in the company, valued at $20,032,233.54. This represents a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 5,117 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were 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 directly owned 4,560,291 shares in the company, valued at $396,334,890.81. This trade 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 valued at $4,416,324. Corporate insiders own 15.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cloud Capital Management LLC bought a new stake in shares of Elastic during the 1st quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in shares of Elastic during the fourth quarter worth $26,000. Signaturefd LLC increased its holdings in shares of Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after buying an additional 117 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Elastic in the 2nd quarter valued at $31,000. Finally, North Capital Inc. bought a new stake in Elastic during the 1st quarter worth $37,000. Institutional investors own 97.03% of the company's stock.

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.

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