Elastic (NYSE:ESTC) Earns “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Elastic (NYSE:ESTC) in a report released on Wednesday,Benzinga reports. They currently have a $120.00 target price on the stock.

ESTC has been the subject of several other reports. UBS Group decreased their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Citigroup boosted their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Robert W. Baird downgraded shares of Elastic from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $135.00 to $95.00 in a research report on Friday, August 30th. Wells Fargo & Company decreased their target price on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Finally, Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC opened at $107.94 on Wednesday. The company’s 50 day moving average price is $81.13 and its 200 day moving average price is $97.04. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a market capitalization of $11.09 billion, a PE 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.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period in the previous year, the firm posted ($0.35) earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. Research analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several large investors have recently made changes to their positions in ESTC. Toronto Dominion Bank bought a new stake in Elastic during the 1st quarter worth about $5,780,000. Interval Partners LP bought a new stake in Elastic during the 1st quarter worth about $1,704,000. Russell Investments Group Ltd. grew its holdings in Elastic by 993.0% during the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after acquiring an additional 15,659 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Elastic during the 3rd quarter worth about $1,262,000. Finally, WD Rutherford LLC bought a new stake in Elastic during the 2nd quarter worth about $422,000. Institutional investors 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.