Elastic (NYSE:ESTC) Sees Strong Trading Volume After Analyst Upgrade

Shares of Elastic (NYSE:ESTC) saw an uptick in trading volume on Friday after Royal Bank of Canada raised their price target on the stock from $110.00 to $130.00. Royal Bank of Canada currently has an outperform rating on the stock. 3,937,339 shares were traded during mid-day trading, an increase of 202% from the previous session’s volume of 1,302,963 shares.The stock last traded at $109.41 and had previously closed at $94.13.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group lowered their target price on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Bank of America boosted their price target on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. Truist Financial cut their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Barclays boosted their target price on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Scotiabank cut their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday, August 30th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.10.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Dedication LLC increased its position in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the 2nd quarter worth $40,000. Quarry LP bought a new position in shares of Elastic in the 2nd quarter worth $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic during the 2nd quarter worth $43,000. Finally, Signaturefd LLC grew its position in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

Elastic Trading Up 16.6 %

The stock has a 50 day moving average of $80.71 and a 200 day moving average of $97.05. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market cap of $11.28 billion, a P/E ratio of 205.05 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the company earned ($0.35) EPS. The firm’s revenue was up 18.3% on a year-over-year basis. As a group, equities research analysts predict that Elastic will post -0.92 EPS for the current year.

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.