Elastic (NYSE:ESTC) Upgraded at Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research report report published on Monday, Marketbeat Ratings reports. Wedbush currently has $135.00 price target on the stock.

Several other analysts have also recently issued reports on ESTC. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday, November 22nd. Wells Fargo & Company increased their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Piper Sandler boosted their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and raised their target price for the company from $95.00 to $135.00 in a research note on Friday, November 22nd. Finally, Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Performance

Shares of NYSE ESTC opened at $110.13 on Monday. The stock has a market cap of $11.32 billion, a PE ratio of 204.47 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm has a fifty day moving average price of $83.22 and a 200-day moving average price of $96.99. 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 (NYSE:ESTC) last issued its quarterly 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. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the prior year, the business posted ($0.35) EPS. Elastic’s revenue for the quarter 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 fiscal year.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 4,489 shares of the 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 $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $487,605.25. Following 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 position. The disclosure for this sale can be found here. Insiders sold 198,551 shares of company stock valued at $20,506,656 over the last three months. 15.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ESTC. Interval Partners LP bought a new position in Elastic in the 1st quarter worth about $1,704,000. Fifth Third Wealth Advisors LLC bought a new position in Elastic in the third quarter worth approximately $1,262,000. WD Rutherford LLC bought a new position in Elastic in the second quarter worth approximately $422,000. Assenagon Asset Management S.A. purchased a new position in Elastic during the 2nd quarter worth $102,169,000. Finally, Daventry Group LP lifted its holdings in shares of Elastic by 8.6% in the 2nd quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after buying an additional 25,008 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.