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

Shares of Elastic (NYSE:ESTCGet Rating) have earned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $126.15.

ESTC has been the subject of several analyst reports. Monness Crespi & Hardt decreased their target price on Elastic from $230.00 to $124.00 and set a “buy” rating for the company in a research report on Wednesday, March 2nd. Jefferies Financial Group decreased their price objective on Elastic from $90.00 to $60.00 in a research report on Monday, May 23rd. Truist Financial decreased their price objective on Elastic from $135.00 to $110.00 in a research report on Tuesday, May 10th. Oppenheimer decreased their price objective on Elastic from $185.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, March 4th. Finally, Royal Bank of Canada decreased their price objective on Elastic from $133.00 to $110.00 in a research report on Tuesday, May 31st.

Elastic stock opened at $69.25 on Thursday. Elastic has a 1 year low of $50.74 and a 1 year high of $189.84. The business has a 50-day moving average of $69.67 and a 200-day moving average of $86.83. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.22 and a current ratio of 2.22.

Elastic (NYSE:ESTCGet Rating) last posted its earnings results on Wednesday, June 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.06. The company had revenue of $239.36 million during the quarter, compared to analyst estimates of $232.38 million. Elastic had a negative return on equity of 38.75% and a negative net margin of 23.64%. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.44) EPS. On average, analysts anticipate that Elastic will post -1.92 earnings per share for the current fiscal year.

In other news, Director Jonathan Chadwick sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the sale, the director now owns 5,102 shares in the company, valued at approximately $419,843.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Janesh Moorjani sold 2,663 shares of the company’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $75.82, for a total value of $201,908.66. Following the sale, the chief financial officer now owns 78,924 shares in the company, valued at approximately $5,984,017.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,603 shares of company stock valued at $995,997. Insiders own 18.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Selective Wealth Management Inc. bought a new stake in Elastic in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new stake in Elastic in the 4th quarter valued at $31,000. CVA Family Office LLC bought a new stake in Elastic in the 1st quarter valued at $31,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Elastic by 2,844.4% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 265 shares of the company’s stock valued at $33,000 after acquiring an additional 256 shares during the period. Finally, Nauset Wealth Management. LLC bought a new stake in Elastic in the 1st quarter valued at $47,000. Institutional investors own 77.44% of the company’s stock.

About Elastic (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily 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.

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Analyst Recommendations for Elastic (NYSE:ESTC)

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