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

Elastic (NYSE:ESTC) rose 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. Approximately 617,499 shares were traded during trading, a decline of 53% from the average daily volume of 1,320,214 shares. The stock had previously closed at $108.03.

A number of other research firms have also commented on ESTC. Wells Fargo & Company lifted their price objective on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday. Guggenheim lifted their price objective on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $95.00 to $135.00 in a research note on Friday. Finally, Wedbush upgraded Elastic from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research note on Monday. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.81.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the company’s 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 sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 in the last quarter. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors and hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. bought a new stake in shares of Elastic in the 2nd quarter valued at $248,335,000. FMR LLC increased its position in shares of Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Elastic in the 2nd quarter valued at $102,169,000. Atreides Management LP increased its position in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after buying an additional 613,774 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock’s 50-day moving average is $81.78 and its 200 day moving average is $96.91. The firm has a market cap of $11.83 billion, a P/E ratio of 203.65 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 for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.35) EPS. On average, research analysts predict that Elastic will post -0.92 earnings per share for the current year.

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.