Elastic's (ESTC) "Buy" Rating Reaffirmed at Rosenblatt Securities

Elastic (NYSE:ESTC - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Rosenblatt Securities in a report released on Wednesday,Benzinga reports. They currently have a $120.00 price target on the stock. Rosenblatt Securities' price objective indicates a potential upside of 35.47% from the stock's previous close.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company decreased their target price on shares of Elastic from $145.00 to $100.00 and set an "overweight" rating for the company in a research report on Friday, August 30th. Citigroup upped their price target on shares of Elastic from $155.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, August 28th. Stifel Nicolaus decreased their target price on shares of Elastic from $120.00 to $98.00 and set a "buy" rating on the stock in a report on Friday, August 30th. DA Davidson cut their price target on shares of Elastic from $100.00 to $75.00 and set a "neutral" rating for the company in a research report on Friday, August 30th. Finally, Wedbush raised Elastic to a "hold" rating in a research note on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $103.43.

Elastic Trading Up 0.4 %

Shares of NYSE ESTC traded up $0.31 during midday trading on Wednesday, hitting $88.58. The stock had a trading volume of 1,250,738 shares, compared to its average volume of 1,276,998. The company's 50-day simple moving average is $80.43 and its 200 day simple moving average is $97.11. 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 fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm has a market cap of $9.10 billion, a P/E ratio of 159.60 and a beta of 0.94.

Elastic (NYSE:ESTC - Get Free Report) last announced 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 business had revenue of $347.42 million for 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%. Elastic's quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.35) EPS. Research analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Transactions at Elastic

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the company's stock in a transaction dated 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 sale, the chief financial officer now directly owns 195,550 shares of the company's stock, valued at approximately $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 in the last 90 days. 15.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company's stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic during the 2nd quarter valued at $40,000. Quarry LP bought a new position in shares of Elastic in the 2nd quarter worth about $40,000. Lynx Investment Advisory purchased a new stake in Elastic during the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC boosted its holdings in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company's stock valued at $44,000 after acquiring an additional 119 shares during 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.