Elastic (NYSE:ESTC) Coverage Initiated at Guggenheim

Investment analysts at Guggenheim assumed coverage on shares of Elastic (NYSE:ESTC) in a report released on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $100.00 price target on the stock. Guggenheim’s target price indicates a potential upside of 35.46% from the company’s current price.

A number of other research analysts also recently issued reports on ESTC. Stifel Nicolaus cut their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Piper Sandler dropped their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Barclays lowered their target price on shares of Elastic from $117.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Friday, August 30th. TD Cowen dropped their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Finally, Scotiabank decreased their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and a consensus price target of $104.24.

Elastic Price Performance

Shares of ESTC opened at $73.82 on Wednesday. The firm has a fifty day simple moving average of $102.47 and a two-hundred day simple moving average of $105.07. The firm has a market cap of $7.59 billion, a PE ratio of 139.28 and a beta of 0.95. 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 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the firm posted ($0.35) earnings per share. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities analysts anticipate that Elastic will post -0.94 EPS for the current year.

Insider Buying and Selling

In other news, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Elastic news, CTO Shay Banon sold 2,666 shares of the firm’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 $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of the company’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 transaction of $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. The disclosure for this sale can be found here. Insiders have sold 347,070 shares of company stock valued at $36,234,852 in the last 90 days. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently made changes to their positions in ESTC. Nordea Investment Management AB purchased a new stake in Elastic during the first quarter valued at approximately $3,104,000. Toronto Dominion Bank purchased a new stake in shares of Elastic during the 1st quarter valued at $5,780,000. Quantbot Technologies LP boosted its position in shares of Elastic by 165.2% in the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after purchasing an additional 8,048 shares in the last quarter. CenterBook Partners LP grew its stake in Elastic by 13.1% during the 4th quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock worth $3,154,000 after buying an additional 3,245 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Elastic by 737.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after buying an additional 15,514 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.