Elastic (NYSE:ESTC) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Elastic (NYSE:ESTC - Get Free Report) have earned an average rating of "Moderate Buy" from the twenty-seven ratings firms that are presently covering the firm, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $125.75.

A number of equities research analysts have recently weighed in on ESTC shares. DA Davidson dropped their price target on Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Robert W. Baird boosted their target price on shares of Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a research report on Friday, February 28th. Wells Fargo & Company cut their price target on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday. Jefferies Financial Group decreased their price target on shares of Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Oppenheimer lowered their price objective on shares of Elastic from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 140,129 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. This represents a 5.85% 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, CEO Ashutosh Kulkarni sold 18,735 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares in the company, valued at approximately $34,183,165.07. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company's stock valued at $926,607,000 after buying an additional 168,483 shares in the last quarter. Sylebra Capital LLC lifted its position in shares of Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company's stock worth $339,820,000 after acquiring an additional 462,974 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of 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 during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Elastic by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock worth $142,663,000 after purchasing an additional 45,076 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Stock Down 12.8%

NYSE:ESTC traded down $11.80 during midday trading on Monday, reaching $80.24. 2,925,638 shares of the stock traded hands, compared to its average volume of 1,482,149. The stock has a market capitalization of $8.38 billion, a PE ratio of 145.19 and a beta of 1.20. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The business has a 50-day moving average of $85.94 and a two-hundred day moving average of $97.68.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. During the same quarter in the prior year, the business posted $0.21 EPS. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

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.