Elastic (NYSE:ESTC) Upgraded to “Outperform” at Robert W. Baird

Robert W. Baird upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research report released on Friday, Marketbeat Ratings reports. The firm currently has $135.00 price target on the stock, up from their previous price target of $95.00.

Several other equities research analysts have also commented on ESTC. Stifel Nicolaus reduced their price target on shares of Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Scotiabank decreased their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 30th. Wells Fargo & Company dropped their price target on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $140.00 to $94.00 in a research note on Friday, August 30th. Finally, Wedbush upgraded Elastic to a “hold” rating in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Trading Up 3.2 %

NYSE:ESTC opened at $111.45 on Friday. The company has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The company has a 50 day simple moving average of $81.78 and a two-hundred day simple moving average of $96.91. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. Elastic’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.35) earnings per share. Research analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In other news, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the 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 transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. increased its position in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC boosted its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. M&T Bank Corp increased its position in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Elastic by 3.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after acquiring an additional 219 shares during the last quarter. 97.03% of the stock is 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.