Elastic (NYSE:ESTC) Stock Rating Upgraded by Robert W. Baird

Elastic (NYSE:ESTC) was upgraded by investment analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $135.00 price target on the stock, up from their prior price target of $95.00. Robert W. Baird’s price target would suggest a potential upside of 24.97% from the company’s previous close.

A number of other research firms also recently commented on ESTC. Oppenheimer dropped their target price on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 30th. DA Davidson cut their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Baird R W downgraded Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Piper Sandler dropped their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Finally, Barclays lifted their price target on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Up 14.8 %

ESTC stock opened at $108.03 on Friday. The company’s 50 day moving average price is $81.78 and its 200 day moving average price is $97.04. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period last year, the business earned ($0.35) EPS. The company’s revenue was up 18.3% on a year-over-year basis. On average, equities research analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insider Transactions at Elastic

In other news, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

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

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.