Elastic (NYSE:ESTC) Upgraded to "Hold" at Wedbush

Elastic (NYSE:ESTC - Get Free Report) was upgraded by analysts at Wedbush to a "hold" rating in a report released on Thursday, Zacks.com reports.

A number of other research firms have also issued reports on ESTC. UBS Group lowered their target price on Elastic from $135.00 to $95.00 and set a "buy" rating on the stock in a report on Friday, August 30th. Scotiabank lowered their target price on Elastic from $135.00 to $92.00 and set a "sector outperform" rating on the stock in a report on Friday, August 30th. Barclays raised Elastic from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $90.00 to $95.00 in a report on Monday, October 7th. Piper Sandler lowered their target price on Elastic from $131.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, August 30th. Finally, DA Davidson lowered their target price on Elastic from $100.00 to $75.00 and set a "neutral" rating on the stock in a report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $103.71.

Elastic Stock Performance

Shares of ESTC traded down $0.72 during trading hours on Thursday, reaching $81.60. 1,188,986 shares of the company's stock traded hands, compared to its average volume of 1,313,441. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 154.28 and a beta of 0.94. 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 twelve month low of $69.00 and a twelve month high of $136.06. The business's fifty day simple moving average is $85.75 and its two-hundred day simple moving average is $99.80.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.10. The company 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 company's quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company earned ($0.35) earnings per share. Analysts predict that Elastic will post -0.91 earnings per share for the current year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carolyn Herzog sold 4,489 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 $315,352.25. Following the sale, the insider now owns 102,959 shares of the company's stock, valued at approximately $7,232,869.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 in the last three months. 18.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new position in Elastic in the 1st quarter worth approximately $3,104,000. Toronto Dominion Bank bought a new position in Elastic in the 1st quarter worth approximately $5,780,000. Quantbot Technologies LP increased its position in Elastic by 165.2% in the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company's stock worth $1,295,000 after buying an additional 8,048 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company's stock worth $1,766,000 after buying an additional 15,514 shares during the period. Finally, Interval Partners LP bought a new position in Elastic in the 1st quarter worth approximately $1,704,000. 97.03% of the stock is owned by institutional investors.

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.