Elastic (NYSE:ESTC) Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Elastic (NYSE:ESTC - Free Report) from a hold rating to a buy rating in a research note published on Friday.

A number of other brokerages also recently commented on ESTC. Royal Bank of Canada reduced their price objective on shares of Elastic from $140.00 to $119.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Piper Sandler raised their price objective on shares of Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. DA Davidson lowered their target price on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Guggenheim upped their target price on shares of Elastic from $130.00 to $136.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Rosenblatt Securities restated a "buy" rating and set a $130.00 target price on shares of Elastic in a research report on Tuesday, February 25th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $114.67.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $11.08 during midday trading on Friday, hitting $80.95. The stock had a trading volume of 8,817,353 shares, compared to its average volume of 1,495,912. The company has a market capitalization of $8.45 billion, a PE ratio of 147.18 and a beta of 1.20. Elastic has a 1 year low of $69.00 and a 1 year high of $123.96. The stock has a 50 day moving average price of $85.51 and a two-hundred day moving average price of $97.62. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

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

Insider Activity at Elastic

In related news, insider Carolyn Herzog sold 3,334 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the transaction, the insider now owns 84,152 shares of the company's stock, valued at approximately $7,639,318.56. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of Elastic stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the transaction, the chief executive officer now owns 376,591 shares in the company, valued at approximately $34,183,165.07. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 198,304 shares of company stock valued at $20,847,452. Company insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its holdings in shares of Elastic by 187.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock valued at $899,000 after purchasing an additional 5,919 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after purchasing an additional 843 shares during the last quarter. Barclays PLC boosted its holdings in shares of Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company's stock valued at $11,757,000 after purchasing an additional 55,084 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Elastic by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock valued at $723,000 after purchasing an additional 241 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Elastic by 0.8% in the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock valued at $47,838,000 after purchasing an additional 3,772 shares during the last quarter. Institutional investors and hedge funds 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.