Elastic (NYSE:ESTC) Upgraded to "Strong-Buy" at UBS Group

Key Points

• UBS Group has reiterated its "buy" rating for Elastic (NYSE:ESTC) while reducing its target price from $148.00 to $95.00, indicating a potential upside of 25.23% from the current stock price.
• The company reported $0.47 EPS for the latest quarter, exceeding expectations, with revenues increasing by 15.9% year-over-year to $388.43 million.
• Institutional investors hold 97.03% of Elastic's stock, highlighting significant interest from hedge funds and investment firms in the company.

Elastic (NYSE:ESTC - Get Free Report) was upgraded by research analysts at UBS Group from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage presently has a $95.00 price objective on the stock, down from their previous price objective of $148.00. UBS Group's price objective suggests a potential upside of 24.35% from the stock's previous close.

A number of other research firms have also recently weighed in on ESTC. Canaccord Genuity Group cut their price target on Elastic from $135.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. Stifel Nicolaus dropped their price objective on Elastic from $140.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Wedbush dropped their price objective on Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Wall Street Zen raised Elastic from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Rosenblatt Securities dropped their price objective on Elastic from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Eight equities 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $110.60.

Elastic Stock Up 4.5%

Shares of NYSE ESTC opened at $76.40 on Wednesday. The stock has a market cap of $8.06 billion, a P/E ratio of -72.76 and a beta of 1.07. 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 $118.84. The business's fifty day simple moving average is $83.64 and its 200-day simple moving average is $90.85.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating 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 company had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. During the same period last year, the firm earned $0.21 earnings per share. Elastic's quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts predict that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CRO Mark Eugene Dodds sold 2,500 shares of Elastic stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $83.50, for a total value of $208,750.00. Following the sale, the executive owned 172,321 shares of the company's stock, valued at approximately $14,388,803.50. The trade was a 1.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $444,718.47. Following the completion of the sale, the chief technology officer directly owned 4,560,291 shares in the company, valued at $396,334,890.81. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock worth $4,416,324 in the last three months. Company insiders own 15.90% of the company's stock.

Institutional Investors Weigh In On Elastic

Institutional investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new stake in Elastic in the 4th quarter valued at approximately $26,000. Cloud Capital Management LLC acquired a new stake in shares of Elastic during the 1st quarter valued at approximately $25,000. Signaturefd LLC lifted its position in shares of Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after acquiring an additional 117 shares during the period. North Capital Inc. acquired a new stake in shares of Elastic during the 1st quarter valued at approximately $37,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Elastic by 53.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company's stock valued at $40,000 after acquiring an additional 152 shares during the period. 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.