Elastic (NYSE:ESTC) Receives Average Rating of “Moderate Buy” from Brokerages

Elastic (NYSE:ESTC) has received an average rating of “Moderate Buy” from the twenty-seven research firms that are covering the company, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $125.96.

Several research firms have recently commented on ESTC. Robert W. Baird upped their price target on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. UBS Group upped their price target on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Truist Financial cut their price target on Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Guggenheim upped their price target on Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Wall Street Zen cut Elastic from a “buy” rating to a “hold” rating in a research note on Thursday.

Insider Buying and Selling

In other news, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares in the company, valued at $271,033,118.73. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now 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 ninety days, insiders have sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elastic

Hedge funds have recently modified their holdings of the stock. Slow Capital Inc. acquired a new stake in Elastic during the 4th quarter valued at approximately $5,039,000. Wealth Effects LLC grew its stake in Elastic by 25.4% during the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after purchasing an additional 5,830 shares in the last quarter. Smith Group Asset Management LLC acquired a new stake in Elastic during the 4th quarter valued at approximately $3,408,000. Nisa Investment Advisors LLC grew its stake in Elastic by 3,442.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 14,525 shares of the company’s stock valued at $1,439,000 after purchasing an additional 14,115 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Elastic by 187.7% during 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 in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Stock Performance

Shares of ESTC opened at $92.38 on Monday. The stock has a 50 day moving average price of $86.32 and a 200 day moving average price of $97.70. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 167.96 and a beta of 1.20. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Research analysts predict that Elastic will post -0.77 EPS for the current fiscal year.

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.