Elastic (NYSE:ESTC) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Elastic (NYSE:ESTC) in a research note published on Tuesday morning, Benzinga reports. They currently have a $136.00 price objective on the stock.

Several other analysts also recently weighed in on the stock. Citigroup boosted their price objective on shares of Elastic from $145.00 to $155.00 and gave the stock a buy rating in a research report on Monday, June 3rd. Scotiabank decreased their price objective on shares of Elastic from $154.00 to $135.00 and set a sector outperform rating for the company in a research note on Friday, May 31st. Bank of America dropped their price objective on Elastic from $150.00 to $140.00 and set a buy rating on the stock in a report on Friday, May 31st. Needham & Company LLC reissued a hold rating on shares of Elastic in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. dropped their price target on Elastic from $138.00 to $125.00 and set an overweight rating on the stock in a research note on Friday, May 24th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Elastic presently has an average rating of Moderate Buy and a consensus price target of $121.11.

Elastic Stock Up 0.6 %

Shares of NYSE ESTC opened at $103.60 on Tuesday. The business has a 50-day moving average of $110.35 and a two-hundred day moving average of $108.82. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 195.47 and a beta of 0.98. Elastic has a 1 year low of $59.30 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The business had revenue of $335.00 million for the quarter, compared to analysts’ expectations of $329.15 million. Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. On average, analysts forecast that Elastic will post -1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Shay Banon sold 180,000 shares of Elastic stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $107.82, for a total transaction of $19,407,600.00. Following the completion of the sale, the chief technology officer now directly owns 2,874,978 shares in the company, valued at approximately $309,980,127.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Shay Banon sold 180,000 shares of Elastic stock in a transaction on Friday, June 21st. The stock was sold at an average price of $107.82, for a total transaction of $19,407,600.00. Following the completion of the transaction, the chief technology officer now owns 2,874,978 shares of the company’s stock, valued at approximately $309,980,127.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ashutosh Kulkarni sold 18,819 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the sale, the chief executive officer now directly owns 461,961 shares in the company, valued at $50,769,513.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently bought and sold shares of ESTC. Baillie Gifford & Co. boosted its stake in shares of Elastic by 30.8% during the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock valued at $1,018,110,000 after acquiring an additional 2,392,356 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the second quarter worth about $248,335,000. Assenagon Asset Management S.A. acquired a new position in shares of Elastic in the second quarter valued at approximately $102,169,000. Norges Bank purchased a new position in shares of Elastic during the fourth quarter valued at approximately $92,847,000. Finally, Federated Hermes Inc. lifted its stake in shares of Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after buying an additional 613,774 shares during the period. Hedge funds and other 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.