Elastic (NYSE:ESTC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Elastic (NYSE:ESTC) has received an average recommendation of “Moderate Buy” from the twenty-six analysts that are presently covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $130.74.

A number of analysts have recently issued reports on the company. Scotiabank cut their price objective on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 27th. Piper Sandler raised their price target on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Canaccord Genuity Group upped their price objective on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald began coverage on shares of Elastic in a report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 28th.

Insider Buying and Selling

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the transaction, the chief executive officer now owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. This represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,304 shares of company stock worth $20,847,452. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in shares of Elastic during the fourth quarter worth $25,000. SBI Securities Co. Ltd. bought a new position in Elastic during the 4th quarter worth $25,000. Fourth Dimension Wealth LLC acquired a new position in Elastic during the 4th quarter worth about $26,000. Venturi Wealth Management LLC grew its position in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Down 7.3 %

ESTC stock opened at $76.20 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 138.55 and a beta of 1.19. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $103.65 and a two-hundred day moving average price of $96.53.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. Analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

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.