Needham & Company LLC Reiterates Hold Rating for Elastic (NYSE:ESTC)

Elastic (NYSE:ESTC)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports.

Several other brokerages also recently issued reports on ESTC. Royal Bank of Canada lowered their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Truist Financial reduced their price target on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Scotiabank decreased their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research note on Wednesday. Finally, Piper Sandler decreased their target price on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Performance

Elastic stock opened at $108.03 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The stock’s 50-day moving average is $81.78 and its 200-day moving average is $97.04.

Elastic (NYSE:ESTC) last announced its quarterly earnings results 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 firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the company posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% compared to the same quarter last year. Equities analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Activity

In other news, CFO Janesh Moorjani sold 6,941 shares of the business’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 $487,605.25. Following the completion of the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% 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. Asset Dedication LLC grew its holdings 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 buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the second quarter worth $40,000. Quarry LP acquired a new position in shares of Elastic during the second quarter valued at $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic during the second quarter valued at about $43,000. Finally, Signaturefd LLC lifted its holdings in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.