KeyCorp Begins Coverage on Elastic (NYSE:ESTC)

KeyCorp initiated coverage on shares of Elastic (NYSE:ESTC) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a sector weight rating on the stock.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group decreased their price target on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. JPMorgan Chase & Co. decreased their price target on Elastic from $120.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Guggenheim decreased their price target on Elastic from $136.00 to $107.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Truist Financial decreased their price target on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, Wedbush decreased their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Eight analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $113.63.

Elastic Price Performance

NYSE:ESTC opened at $84.80 on Tuesday. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of 154.19 and a beta of 1.07. The firm’s 50-day simple moving average is $84.57 and its 200 day simple moving average is $97.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The firm had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same period last year, the firm earned $0.21 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, sell-side analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Buying and Selling

In other Elastic news, insider Ken Exner sold 6,918 shares of Elastic stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $601,243.38. Following the transaction, the insider now directly owns 230,494 shares of the company’s stock, valued at approximately $20,032,233.54. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Navam Welihinda sold 2,261 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $196,503.51. Following the completion of the transaction, the chief financial officer now owns 133,925 shares in the company, valued at $11,639,421.75. This trade represents a 1.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 53,413 shares of company stock worth $4,720,774 in the last ninety days. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ESTC. Janney Montgomery Scott LLC acquired a new position in shares of Elastic in the 4th quarter worth approximately $202,000. Stratos Wealth Partners LTD. acquired a new position in shares of Elastic in the 4th quarter worth approximately $444,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Elastic in the 4th quarter worth approximately $231,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Elastic by 22.1% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,639 shares of the company’s stock worth $1,054,000 after purchasing an additional 1,924 shares during the period. Finally, Savant Capital LLC acquired a new position in shares of Elastic in the 4th quarter worth approximately $7,212,000. 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.