Elastic (NYSE:ESTC) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Elastic (NYSE:ESTC) in a research report sent to investors on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $120.00 price target on the stock.

A number of other analysts have also recently weighed in on the company. DA Davidson dropped their price target on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Truist Financial reduced their price target on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Wedbush raised shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price for the company. Finally, Scotiabank dropped 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 note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.43.

Elastic Stock Performance

Shares of ESTC opened at $88.49 on Wednesday. The stock has a market capitalization of $9.09 billion, a PE ratio of 160.89 and a beta of 0.94. The business’s fifty day moving average price is $80.71 and its 200 day moving average price is $97.05. 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 has a 12-month low of $69.00 and a 12-month high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.35) EPS. Equities research analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Transactions at Elastic

In related news, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last quarter. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Asset Dedication LLC increased its holdings in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic during the 2nd quarter valued at $40,000. Quarry LP acquired a new stake in shares of Elastic in the 2nd quarter valued at $40,000. Lynx Investment Advisory bought a new stake in Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC raised its holdings in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.