Rosenblatt Securities Reiterates “Buy” Rating for Elastic (NYSE:ESTC)

Elastic (NYSE:ESTC)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $120.00 price objective on the stock. Rosenblatt Securities’ price target suggests a potential upside of 35.98% from the stock’s current price.

Several other brokerages also recently issued reports on ESTC. Oppenheimer reduced their price objective on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. DA Davidson lowered their price target on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a report on Tuesday, October 8th. Piper Sandler cut their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Finally, Jefferies Financial Group decreased their price objective on shares of Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.43.

Elastic Stock Up 2.5 %

NYSE ESTC opened at $88.25 on Wednesday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a market capitalization of $9.07 billion, a P/E ratio of 160.45 and a beta of 0.94. The company’s 50 day simple moving average is $80.43 and its 200 day simple moving average is $97.11. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

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 analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. Elastic’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.35) earnings per share. Equities research analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % 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 in the last quarter. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the business. Asset Dedication LLC grew its position in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic in the second quarter valued at about $40,000. Quarry LP bought a new stake in Elastic during the second quarter worth about $40,000. Lynx Investment Advisory acquired a new position in Elastic during the second quarter valued at approximately $43,000. Finally, Signaturefd LLC increased its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. 97.03% of the stock is owned by 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.