Elastic (NYSE:ESTC) Raised to Buy at Monness Crespi & Hardt

Elastic (NYSE:ESTC - Get Free Report) was upgraded by Monness Crespi & Hardt from a "neutral" rating to a "buy" rating in a report issued on Friday,Finviz reports. The brokerage currently has a $111.00 target price on the stock. Monness Crespi & Hardt's price objective suggests a potential upside of 34.45% from the stock's current price.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group dropped their target price on shares of Elastic from $135.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. KeyCorp assumed coverage on Elastic in a report on Tuesday, June 10th. They set a "sector weight" rating on the stock. UBS Group upped their target price on Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Wells Fargo & Company cut their price target on Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Finally, Jefferies Financial Group lowered their price objective on shares of Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.52.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $82.56 on Friday. 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 12 month low of $69.00 and a 12 month high of $123.96. The company has a market capitalization of $8.71 billion, a price-to-earnings ratio of -78.62 and a beta of 1.07. The firm's 50-day moving average is $85.63 and its 200 day moving average is $95.05.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings data 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 return on equity of 4.46% and a negative net margin of 7.29%. Elastic's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 EPS. Research analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 22,901 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $1,990,325.91. Following the transaction, the chief executive officer now owns 454,841 shares in the company, valued at approximately $39,530,231.31. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 5,702 shares of Elastic stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $495,560.82. Following the completion of the sale, the insider now directly owns 93,985 shares in the company, valued at $8,168,236.35. This represents a 5.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,913 shares of company stock worth $4,416,324. Insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. SBI Securities Co. Ltd. acquired a new stake in shares of Elastic in the fourth quarter worth approximately $25,000. Cloud Capital Management LLC purchased a new stake in shares of Elastic during the first quarter worth $25,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Elastic in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock worth $28,000 after buying an additional 158 shares in the last quarter. Finally, Signaturefd LLC boosted its position in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after acquiring an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

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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