Elastic (NYSE:ESTC) Receives Consensus Rating of “Buy” from Brokerages

Elastic (NYSE:ESTC) has been assigned a consensus recommendation of “Buy” from the twenty research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $183.00.

Several analysts have recently issued reports on ESTC shares. Piper Sandler increased their price target on shares of Elastic from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, July 9th. Summit Insights began coverage on shares of Elastic in a report on Sunday, June 20th. They issued a “buy” rating and a $180.00 target price on the stock. Royal Bank of Canada raised their target price on shares of Elastic from $194.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, August 26th. Barclays raised their target price on shares of Elastic from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, September 17th. They noted that the move was a valuation call. Finally, Rosenblatt Securities raised their target price on shares of Elastic from $180.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 26th.

In related news, Director Steven Schuurman sold 500,000 shares of Elastic stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $165.35, for a total value of $82,675,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan Chadwick sold 6,250 shares of Elastic stock in a transaction on Monday, July 26th. The shares were sold at an average price of $148.18, for a total transaction of $926,125.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 569,628 shares of company stock worth $93,972,004. Insiders own 20.40% of the company’s stock.

A number of large investors have recently bought and sold shares of ESTC. Vanguard Group Inc. lifted its holdings in Elastic by 0.8% in the second quarter. Vanguard Group Inc. now owns 6,142,416 shares of the company’s stock valued at $895,318,000 after acquiring an additional 46,089 shares during the period. Sylebra Capital Ltd lifted its holdings in Elastic by 7.3% in the first quarter. Sylebra Capital Ltd now owns 5,048,948 shares of the company’s stock valued at $561,443,000 after acquiring an additional 343,631 shares during the period. Capital International Investors lifted its holdings in Elastic by 3.1% in the second quarter. Capital International Investors now owns 2,511,152 shares of the company’s stock valued at $366,026,000 after acquiring an additional 74,332 shares during the period. Jackson Square Partners LLC lifted its holdings in Elastic by 8.7% in the second quarter. Jackson Square Partners LLC now owns 2,483,384 shares of the company’s stock valued at $361,978,000 after acquiring an additional 199,444 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Elastic by 4.3% in the second quarter. JPMorgan Chase & Co. now owns 2,404,488 shares of the company’s stock valued at $350,479,000 after acquiring an additional 99,338 shares during the period. Hedge funds and other institutional investors own 75.60% of the company’s stock.

Shares of ESTC traded up $4.61 during mid-day trading on Friday, hitting $173.27. 46,683 shares of the company’s stock were exchanged, compared to its average volume of 805,348. The company has a market cap of $15.91 billion, a price-to-earnings ratio of -106.07 and a beta of 1.10. Elastic has a fifty-two week low of $97.48 and a fifty-two week high of $176.49. The company has a debt-to-equity ratio of 1.24, a quick ratio of 2.71 and a current ratio of 2.71. The stock’s 50-day moving average is $157.80 and its 200-day moving average is $139.68.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Tuesday, August 24th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.14. The business had revenue of $193.10 million for the quarter, compared to analysts’ expectations of $173.21 million. Elastic had a negative net margin of 21.54% and a negative return on equity of 26.26%. The business’s quarterly revenue was up 49.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 earnings per share. As a group, equities research analysts anticipate that Elastic will post -1.85 EPS for the current year.

About Elastic

Elastic NV engages in the provision of open source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured; Kibana, a user interface, management, and configuration interface for the Elastic Stack; Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash; and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.

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Analyst Recommendations for Elastic (NYSE:ESTC)

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