Elastic’s (ESTC) “Buy” Rating Reaffirmed at Rosenblatt Securities

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

A number of other equities analysts have also weighed in on ESTC. TD Cowen lowered their target price on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Citigroup raised their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Wedbush raised shares of Elastic to a “hold” rating in a research report on Thursday, October 17th. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Oppenheimer reduced their price objective on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $103.43.

Elastic Price Performance

Shares of NYSE ESTC opened at $88.25 on Wednesday. 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 business’s 50 day moving average price is $80.43 and its two-hundred day moving average price is $97.11. The company has a market cap of $9.07 billion, a PE ratio of 160.45 and a beta of 0.94. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share 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 business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction 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 transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Janesh Moorjani sold 6,941 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 transaction of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares in the company, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last quarter. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several large investors have recently made changes to their positions in the company. Asset Dedication LLC boosted its holdings in Elastic by 1,333.3% in the second 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 position in shares of Elastic during the second quarter worth approximately $40,000. Quarry LP acquired a new position in shares of Elastic during the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in shares of Elastic in the 2nd quarter worth $43,000. Finally, Signaturefd LLC grew its position in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.