Elastic (NYSE:ESTC) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Elastic (NYSE:ESTC) have received a consensus recommendation of “Moderate Buy” from the twenty-four research firms that are currently covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $103.71.

Several research firms have recently weighed in on ESTC. Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. UBS Group lowered their price objective on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Stifel Nicolaus cut their target price on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Oppenheimer decreased their price target on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. Finally, Wedbush raised Elastic to a “hold” rating in a research report on Thursday, October 17th.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 19,649 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 value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 19,649 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 $1,380,342.25. Following the sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last quarter. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the 2nd quarter valued at about $248,335,000. Assenagon Asset Management S.A. purchased a new position in Elastic during the 2nd quarter worth $102,169,000. Federated Hermes Inc. increased its stake in Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after purchasing an additional 613,774 shares during the period. Fiera Capital Corp purchased a new stake in shares of Elastic in the third quarter valued at about $15,623,000. Finally, Neumann Advisory Hong Kong Ltd acquired a new stake in shares of Elastic during the third quarter worth about $12,078,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Price Performance

NYSE:ESTC opened at $85.35 on Thursday. Elastic has a one year low of $69.00 and a one year high of $136.06. The stock has a market cap of $8.77 billion, a PE ratio of 155.18 and a beta of 0.94. 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 has a 50 day moving average price of $78.35 and a 200 day moving average price of $98.17.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period last year, the company earned ($0.35) EPS. Equities research analysts expect that Elastic will post -0.92 EPS for the current fiscal 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.