Elastic (NYSE:ESTC) Upgraded at Wedbush

Elastic (NYSE:ESTC) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage presently has a $135.00 target price on the stock. Wedbush’s price target would indicate a potential upside of 24.97% from the company’s current price.

Several other analysts also recently issued reports on the company. Jefferies Financial Group lifted their target price on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday. Scotiabank lifted their target price on Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $135.00 in a research note on Friday. Barclays lifted their target price on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Rosenblatt Securities restated a “buy” rating and set a $120.00 price target on shares of Elastic in a report on Wednesday, November 20th. Five 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.24.

Elastic Trading Up 14.8 %

Shares of NYSE:ESTC opened at $108.03 on Monday. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock’s 50-day simple moving average is $81.78 and its two-hundred day simple moving average is $96.91. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

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

Insider Transactions at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 over the last ninety days. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Interval Partners LP acquired a new stake in Elastic in the first quarter valued at $1,704,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Elastic during the third quarter worth about $1,262,000. WD Rutherford LLC acquired a new stake in shares of Elastic during the second quarter worth about $422,000. Assenagon Asset Management S.A. acquired a new stake in shares of Elastic during the second quarter worth about $102,169,000. Finally, Daventry Group LP increased its position in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after purchasing an additional 25,008 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.