Elastic (NYSE:ESTC) Rating Increased to Hold at Cantor Fitzgerald

Elastic (NYSE:ESTC) was upgraded by research analysts at Cantor Fitzgerald to a “hold” rating in a report issued on Thursday, MarketBeat reports. The firm presently has a $108.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 7.48% from the stock’s previous close.

Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised their price target 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 reissued a “hold” rating on shares of Elastic in a research report on Friday, November 22nd. The Goldman Sachs Group upped their price objective on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Canaccord Genuity Group raised their price target on shares of Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.70.

Elastic Price Performance

ESTC opened at $100.49 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of 182.70 and a beta of 1.06. The firm’s fifty day moving average price is $101.65 and its two-hundred day moving average price is $95.88. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06.

Insider Buying and Selling at Elastic

In related news, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the transaction, the insider now owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,162 shares of company stock worth $18,637,562. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the second quarter worth about $248,335,000. FMR LLC grew its position in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares in the last quarter. Atreides Management LP grew its holdings in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares in the last quarter. JAT Capital Mgmt LP raised its stake in Elastic by 601.4% during the third quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock valued at $35,736,000 after buying an additional 399,175 shares in the last quarter. Finally, Thematics Asset Management lifted its stake in Elastic by 463.3% during the third quarter. Thematics Asset Management now owns 444,012 shares of the company’s stock worth $34,082,000 after purchasing an additional 365,192 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.