Elastic (NYSE:ESTC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Elastic (NYSE:ESTC) has earned an average recommendation of “Moderate Buy” from the twenty-four brokerages that are presently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $103.71.

A number of research firms have recently commented on ESTC. DA Davidson dropped their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $140.00 to $94.00 in a report on Friday, August 30th. Royal Bank of Canada reduced their target price on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Piper Sandler dropped their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Finally, Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th.

Elastic Stock Down 0.9 %

ESTC stock opened at $81.57 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. The firm’s fifty day simple moving average is $85.28 and its 200-day simple moving average is $99.67. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a market capitalization of $8.30 billion, a P/E ratio of 153.91 and a beta of 0.94.

Elastic (NYSE:ESTC) last released 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 business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.35) EPS. As a group, equities research analysts forecast that Elastic will post -0.91 earnings per share for the current year.

Insider Buying and Selling

In other Elastic news, CTO Shay Banon sold 2,666 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction that occurred on 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 purchase, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The trade was a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. 18.10% of the stock is currently owned by insiders.

Institutional Trading of Elastic

Several hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB acquired a new stake in Elastic during the 1st quarter worth approximately $3,104,000. Toronto Dominion Bank purchased a new position in Elastic in the first quarter valued at $5,780,000. Quantbot Technologies LP grew its stake in Elastic by 165.2% during the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after purchasing an additional 8,048 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Elastic by 737.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock worth $1,766,000 after purchasing an additional 15,514 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Elastic by 77.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock worth $93,996,000 after purchasing an additional 364,418 shares during the period. Institutional investors and hedge funds 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.