Elastic’s (ESTC) Buy Rating Reaffirmed at Guggenheim

Guggenheim reissued their buy rating on shares of Elastic (NYSE:ESTC) in a research note released on Wednesday,Benzinga reports. Guggenheim currently has a $116.00 price target on the stock.

Several other research analysts have also weighed in on the stock. DA Davidson dropped their price objective on shares of Elastic from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. Stifel Nicolaus dropped their price objective on Elastic from $134.00 to $108.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Piper Sandler decreased their target price on Elastic from $125.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, November 21st. Wedbush dropped their price target on Elastic from $110.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, November 21st. Finally, Bank of America decreased their price objective on Elastic from $111.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, November 21st. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average target price of $104.88.

Elastic Stock Performance

Shares of ESTC opened at $61.09 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.97 and a quick ratio of 1.97. The stock has a market capitalization of $6.44 billion, a P/E ratio of -59.31, a P/E/G ratio of 245.86 and a beta of 0.93. Elastic has a 12-month low of $56.69 and a 12-month high of $117.49. The firm’s 50 day moving average is $71.02 and its 200-day moving average is $78.81.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, November 20th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.06. The company had revenue of $423.48 million for the quarter, compared to analysts’ expectations of $418.27 million. Elastic had a negative return on equity of 2.02% and a negative net margin of 6.79%.The firm’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. Equities research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $74.60, for a total transaction of $373,000.00. Following the sale, the chief executive officer directly owned 426,901 shares of the company’s stock, valued at $31,846,814.60. The trade was a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 4,552 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total value of $341,627.60. Following the completion of the transaction, the chief technology officer owned 4,359,228 shares of the company’s stock, valued at $327,160,061.40. The trade was a 0.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 61,828 shares of company stock valued at $4,641,010 over the last ninety days. Insiders own 12.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESTC. Sound Income Strategies LLC acquired a new position in shares of Elastic during the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. acquired a new position in Elastic during the second quarter worth $31,000. Huntington National Bank raised its position in Elastic by 97.5% during the second quarter. Huntington National Bank now owns 468 shares of the company’s stock worth $39,000 after acquiring an additional 231 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Elastic in the second quarter valued at $40,000. Finally, Activest Wealth Management grew its position in shares of Elastic by 3,181.3% in the 4th quarter. Activest Wealth Management now owns 525 shares of the company’s stock valued at $40,000 after acquiring an additional 509 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Company Profile

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.