Elastic (NYSE:ESTC) Shares Up 6.6% After Analyst Upgrade

Elastic (NYSE:ESTC) shares rose 6.6% during trading on Monday after Citigroup raised their price target on the stock from $136.00 to $150.00. Citigroup currently has a buy rating on the stock. Elastic traded as high as $115.30 and last traded at $115.17. Approximately 617,499 shares were traded during trading, a decline of 53% from the average daily volume of 1,320,214 shares. The stock had previously closed at $108.03.

ESTC has been the topic of several other reports. Barclays upped their price target on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday. Guggenheim upped their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Scotiabank lifted their price target on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Oppenheimer boosted their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. raised 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, November 22nd. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Insider Buying and Selling at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of 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 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently made changes to their positions in the business. Tidal Investments LLC grew its position in Elastic by 239.1% during the third quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock valued at $753,000 after buying an additional 6,915 shares during the period. Virtu Financial LLC boosted its stake in shares of Elastic by 131.9% during the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock worth $333,000 after acquiring an additional 2,467 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares during the period. Vestcor Inc purchased a new stake in shares of Elastic in the 3rd quarter worth $1,919,000. Finally, M&T Bank Corp raised its holdings in Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Up 0.1 %

The company has a 50-day moving average of $82.49 and a two-hundred day moving average of $96.96. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The company has a market capitalization of $11.46 billion, a PE ratio of 200.47 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings data 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. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.35) EPS. Sell-side analysts anticipate that Elastic will post -0.92 earnings per share 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.