Elastic (NYSE:ESTC) Rating Increased 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 published on Friday morning, Marketbeat reports. The firm currently has $135.00 price objective on the stock, up from their prior price objective of $95.00.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group decreased their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Wedbush raised Elastic to a “hold” rating in a report on Thursday, October 17th. Wells Fargo & Company cut their price objective on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. UBS Group dropped their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Finally, Barclays lifted their target price on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.7 %

NYSE ESTC opened at $107.94 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a one year low of $69.00 and a one year high of $136.06. The company’s 50 day moving average price is $81.13 and its 200 day moving average price is $97.04. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings data 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 net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the prior year, the company posted ($0.35) EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, sell-side analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the business’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 $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 purchased at an average price 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 of the company’s stock, valued at approximately $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 37,406 shares of company stock worth $2,627,772 over the last 90 days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank bought a new position in shares of Elastic in the first quarter valued at about $5,780,000. Interval Partners LP acquired a new stake in Elastic during the 1st quarter worth $1,704,000. Russell Investments Group Ltd. lifted its holdings in shares of Elastic by 993.0% during the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in Elastic during the 3rd quarter worth approximately $1,262,000. Finally, WD Rutherford LLC acquired a new stake in shares of Elastic during the second quarter worth $422,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.