Elastic (NYSE:ESTC) Upgraded to Outperform at Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a report published on Monday morning, MarketBeat reports. They currently have $135.00 target price on the stock.

A number of other research firms also recently weighed in on ESTC. JPMorgan Chase & Co. increased their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $95.00 to $135.00 in a report on Friday, November 22nd. Scotiabank upped their price objective on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, November 22nd. Finally, Bank of America lifted their target price on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Five research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Price Performance

NYSE:ESTC opened at $110.13 on Monday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm has a market capitalization of $11.32 billion, a price-to-earnings ratio of 200.24 and a beta of 0.94. The stock’s 50 day moving average price is $83.93 and its two-hundred day moving average price is $97.09. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) earnings per share. On average, analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the sale, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now directly owns 92,011 shares in the company, valued at approximately $10,244,504.74. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,551 shares of company stock valued at $20,506,656. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC grew its holdings in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new position in Elastic in the second quarter valued at about $40,000. Quarry LP bought a new stake in Elastic during the 2nd quarter worth approximately $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic in the second quarter valued at $43,000. Finally, Signaturefd LLC increased its holdings in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.