Elastic (NYSE:ESTC) Rating Increased to Outperform at William Blair

Elastic (NYSE:ESTCGet Free Report) was upgraded by analysts at William Blair from a “market perform” rating to an “outperform” rating in a research note issued to investors on Monday, Briefing.com reports.

A number of other brokerages have also recently weighed in on ESTC. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. Piper Sandler reduced their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. Wells Fargo & Company decreased their price target on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 30th. Canaccord Genuity Group dropped their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Finally, DA Davidson decreased their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Read Our Latest Report on Elastic

Elastic Price Performance

Shares of Elastic stock opened at $83.00 on Monday. The business’s fifty day moving average price is $87.31 and its 200 day moving average price is $100.29. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $8.44 billion, a P/E ratio of 156.60 and a beta of 0.94.

Elastic (NYSE:ESTCGet Free Report) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period in the previous year, the company posted ($0.35) EPS. The company’s revenue was up 18.3% compared to the same quarter last year. As a group, research analysts anticipate that Elastic will post -0.91 earnings per share for the current year.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, 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 at this link. In other Elastic news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on 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 sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul R. Auvil III acquired 20,000 shares of the business’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 completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 700.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 over the last 90 days. 18.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently added to or reduced their stakes in ESTC. Advisors Asset Management Inc. grew its position in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares in the last quarter. Signaturefd LLC boosted its holdings in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Elastic by 8.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock worth $278,000 after buying an additional 185 shares during the last quarter. Headlands Technologies LLC raised its holdings in Elastic by 75.4% during the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock valued at $72,000 after buying an additional 270 shares in the last quarter. Finally, Asset Dedication LLC boosted its stake in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Elastic

(Get Free Report)

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.

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Analyst Recommendations for Elastic (NYSE:ESTC)

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