Needham & Company LLC Reaffirms “Hold” Rating for Elastic (NYSE:ESTC)

Elastic (NYSE:ESTC)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Friday,Benzinga reports.

Other equities research analysts have also issued research reports about the stock. Oppenheimer dropped their price objective on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. William Blair upgraded Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Barclays boosted their price objective on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 target price on shares of Elastic in a research report on Wednesday. Finally, Guggenheim started coverage on Elastic in a report on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Seven analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.57.

Elastic Price Performance

ESTC stock opened at $94.57 on Friday. The company has a market cap of $9.72 billion, a PE ratio of 171.95 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average price of $80.71 and a two-hundred day moving average price of $97.05. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 negative return on equity of 17.54% and a net margin of 4.62%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.35) EPS. As a group, research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 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 transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of large investors have recently bought and sold shares of ESTC. Advisors Asset Management Inc. grew its holdings in shares of Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC grew its stake in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the last quarter. M&T Bank Corp increased its position in Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after buying an additional 139 shares during the period. QRG Capital Management Inc. lifted its stake in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after buying an additional 201 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after acquiring an additional 219 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.