Elastic (NYSE:ESTC) Shares Gap Up – Here’s Why

Elastic (NYSE:ESTC) shares gapped up before the market opened on Thursday . The stock had previously closed at $88.58, but opened at $92.30. Elastic shares last traded at $92.29, with a volume of 326,803 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Friday. JPMorgan Chase & Co. boosted their target price on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday. TD Cowen decreased their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. The Goldman Sachs Group boosted their target price on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Truist Financial boosted their price objective on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Price Performance

The firm’s fifty day simple moving average is $81.13 and its 200 day simple moving average is $97.04. The firm has a market cap of $11.09 billion, a P/E ratio of 196.42 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.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business’s revenue was up 18.3% on a year-over-year basis. As a group, analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Carolyn Herzog sold 4,489 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 $315,352.25. Following the sale, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 in the last 90 days. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several hedge funds have recently made changes to their positions in the business. Asset Dedication LLC raised its position in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new stake in Elastic in the 2nd quarter worth about $40,000. Quarry LP purchased a new stake in Elastic in the 2nd quarter worth about $40,000. Lynx Investment Advisory purchased a new stake in Elastic in the 2nd quarter worth about $43,000. Finally, Signaturefd LLC raised its position in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.