Elastic (NYSE:ESTC) Stock Rating Upgraded by Wedbush

Wedbush upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to an outperform rating in a research note published on Monday, MarketBeat reports. They currently have $135.00 price target on the stock.

ESTC has been the topic of a number of other reports. Truist Financial lifted their price objective on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $95.00 to $135.00 in a research report on Friday, November 22nd. Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Barclays lifted their price objective on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, UBS Group lowered their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average price target of $126.33.

Elastic Price Performance

Elastic stock opened at $110.13 on Monday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. 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 company has a market capitalization of $11.32 billion, a price-to-earnings ratio of 200.24 and a beta of 0.94. The stock’s 50 day moving average is $83.93 and its 200-day moving average is $97.09.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company’s revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.35) earnings per share. Equities research analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total value of $1,240,884.30. Following the transaction, the insider now owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,551 shares of company stock worth $20,506,656. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC raised its position 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 in the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Elastic during the second quarter valued at $40,000. Quarry LP bought a new stake in shares of Elastic in the second quarter valued at about $40,000. Lynx Investment Advisory purchased a new stake in Elastic in the second quarter worth about $43,000. Finally, Signaturefd LLC grew its holdings in Elastic by 44.1% during the 2nd 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.

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.