Elastic (NYSE:ESTC) Upgraded to “Outperform” at Robert W. Baird

Robert W. Baird upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research note issued to investors on Friday, MarketBeat.com reports. They currently have $135.00 price target on the stock, up from their prior price target of $95.00.

ESTC has been the subject of several other research reports. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research note on Wednesday. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 price objective for the company. Oppenheimer reduced their price target on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Wells Fargo & Company decreased their price objective 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, Truist Financial reduced their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

NYSE:ESTC opened at $107.94 on Friday. The stock has a 50-day moving average price of $81.13 and a 200 day moving average price of $97.04. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The stock has a market capitalization of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. During the same period in the prior year, the company earned ($0.35) EPS. The business’s revenue was up 18.3% compared to the same quarter last year. Equities research analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This trade represents a 4.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

Hedge funds have recently made changes to their positions in the company. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the 2nd quarter worth $248,335,000. FMR LLC grew its position in 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 during the period. Assenagon Asset Management S.A. purchased a new position in Elastic in the second quarter valued at about $102,169,000. Atreides Management LP lifted its position in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Elastic by 32,630.2% during the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after acquiring an additional 613,774 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Company Profile

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.