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 report issued on Friday.

Other analysts have also issued research reports about the stock. Royal Bank of Canada lowered their price target on shares of Elastic from $140.00 to $119.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Scotiabank reduced their price target on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 27th. Truist Financial reduced their price target on shares of Elastic from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Jefferies Financial Group cut their price objective on shares of Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $130.00 price objective 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $113.63.

Elastic Stock Performance

ESTC stock traded up $2.20 during mid-day trading on Friday, reaching $83.90. 3,187,084 shares of the stock traded hands, compared to its average volume of 1,494,617. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96. The business has a 50-day moving average of $84.94 and a two-hundred day moving average of $97.61. The firm has a market capitalization of $8.76 billion, a PE ratio of 152.55 and a beta of 1.20.

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

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the transaction, the chief executive officer now directly owns 376,591 shares in the company, valued at approximately $34,183,165.07. This represents a 4.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Mark Eugene Dodds sold 2,755 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the transaction, the executive now owns 96,484 shares of the company's stock, valued at approximately $8,757,852.68. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,507 shares of company stock valued at $3,010,071 in the last quarter. Insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its position 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 during the period. Sigma Planning Corp increased its position in shares of Elastic by 3.7% during the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company's stock worth $389,000 after buying an additional 139 shares during the period. Parallel Advisors LLC increased its position in shares of Elastic by 4.5% during the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after buying an additional 145 shares during the period. Y.D. More Investments Ltd increased its position in shares of Elastic by 0.5% during the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company's stock worth $2,756,000 after buying an additional 145 shares during the period. Finally, CIBC Asset Management Inc increased its position in shares of Elastic by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company's stock worth $302,000 after buying an additional 151 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.