Elastic (NYSE:ESTC) Stock Rating Upgraded by Monness Crespi & Hardt

Monness Crespi & Hardt upgraded shares of Elastic (NYSE:ESTC - Free Report) from a neutral rating to a buy rating in a research note published on Friday morning, MarketBeat reports. They currently have $111.00 price target on the stock.

Several other brokerages also recently issued reports on ESTC. Wells Fargo & Company cut their price objective on Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. TD Securities reduced their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a research report on Wednesday, May 21st. Robert W. Baird lowered their price objective on shares of Elastic from $125.00 to $115.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Cantor Fitzgerald reduced their target price on shares of Elastic from $109.00 to $92.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, Guggenheim lowered their price target on shares of Elastic from $136.00 to $107.00 and set a "buy" rating for the company in a report on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $113.52.

Elastic Stock Performance

ESTC stock traded up $1.73 during trading on Friday, reaching $84.42. 1,651,521 shares of the stock were exchanged, compared to its average volume of 1,727,102. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $8.91 billion, a P/E ratio of -80.40 and a beta of 1.07. The stock has a 50 day simple moving average of $85.73 and a 200-day simple moving average of $94.73.

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

Insider Buying and Selling

In other news, CRO Mark Eugene Dodds sold 2,500 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total value of $208,750.00. Following the transaction, the executive now directly owns 172,321 shares of the company's stock, valued at $14,388,803.50. This represents a 1.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carolyn Herzog sold 5,702 shares of Elastic stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $495,560.82. Following the sale, the insider now directly owns 93,985 shares of the company's stock, valued at $8,168,236.35. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,913 shares of company stock worth $4,416,324. Company insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its position in Elastic by 187.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock worth $899,000 after buying an additional 5,919 shares during the period. Cetera Investment Advisers grew its position in Elastic by 13.3% during the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after buying an additional 843 shares in the last quarter. Principal Financial Group Inc. grew its stake in Elastic by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock worth $723,000 after buying an additional 241 shares in the last quarter. Bank of New York Mellon Corp increased its position in Elastic by 0.8% during the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock worth $47,838,000 after purchasing an additional 3,772 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in Elastic in the 4th quarter valued at approximately $801,000. Institutional investors and hedge funds 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.