Elastic (NYSE:ESTC) Trading 6.6% Higher on Analyst Upgrade

Shares of Elastic (NYSE:ESTC) traded up 6.6% on Monday after Barclays raised their price target on the stock from $105.00 to $138.00. Barclays currently has an overweight rating on the stock. Elastic traded as high as $115.30 and last traded at $115.17. 617,499 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 1,320,214 shares. The stock had previously closed at $108.03.

Several other equities analysts have also recently issued reports on ESTC. Wedbush raised Elastic from a “neutral” rating to an “outperform” rating and set a $135.00 price objective for the company in a report on Monday. Piper Sandler boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Stifel Nicolaus boosted their price target on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday. The Goldman Sachs Group boosted their price target on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Citigroup lifted their price objective on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average price target of $126.81.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 2,666 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 value of $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 in the last quarter. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC boosted its stake in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic in the second quarter worth $40,000. Quarry LP acquired a new stake in shares of Elastic in the second quarter worth $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC boosted its position in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Trading Up 6.6 %

The firm has a market cap of $11.83 billion, a price-to-earnings ratio of 203.65 and a beta of 0.94. The company has a 50-day moving average price of $81.78 and a 200 day moving average price of $96.91. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last released 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 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter last year, the firm earned ($0.35) earnings per share. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

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.