Elastic (NYSE:ESTC) Upgraded to Hold by Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) to a hold rating in a research note published on Thursday morning, Zacks.com reports.

Several other research analysts have also issued reports on ESTC. Canaccord Genuity Group cut their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Guggenheim assumed coverage on shares of Elastic in a research report on Wednesday, September 11th. They set a “buy” rating and a $100.00 price objective on the stock. Robert W. Baird lowered Elastic from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $135.00 to $95.00 in a research report on Friday, August 30th. Rosenblatt Securities reiterated a “buy” rating and issued a $136.00 price target on shares of Elastic in a report on Tuesday, August 27th. Finally, Jefferies Financial Group decreased their price objective on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Elastic Price Performance

ESTC stock opened at $82.30 on Thursday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company’s fifty day simple moving average is $85.75 and its 200 day simple moving average is $99.80. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 155.28 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company 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 business earned ($0.35) EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. On average, analysts expect that Elastic will post -0.91 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is owned by insiders.

Institutional Trading of Elastic

A number of large investors have recently bought and sold shares of ESTC. Nordea Investment Management AB purchased a new stake in Elastic in the 1st quarter worth about $3,104,000. Toronto Dominion Bank bought a new stake in shares of Elastic in the first quarter valued at approximately $5,780,000. Quantbot Technologies LP lifted its stake in shares of Elastic by 165.2% during the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock valued at $1,295,000 after buying an additional 8,048 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock worth $1,766,000 after buying an additional 15,514 shares during the period. Finally, Interval Partners LP purchased a new position in Elastic in the 1st quarter valued at approximately $1,704,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.