Elastic’s (ESTC) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Elastic (NYSE:ESTC) in a research report released on Tuesday,Benzinga reports. Rosenblatt Securities currently has a $130.00 price target on the stock.

ESTC has been the topic of several other research reports. Scotiabank lowered their target price on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Wells Fargo & Company lifted their target price on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Citigroup increased their price target on Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. lifted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Barclays increased their target price on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $125.78.

Elastic Stock Performance

NYSE ESTC opened at $101.05 on Tuesday. The stock has a market cap of $10.47 billion, a P/E ratio of 183.73 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company’s 50-day simple moving average is $105.85 and its 200 day simple moving average is $95.51.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, research analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares in the company, valued at $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

A number of institutional investors have recently modified their holdings of ESTC. Sylebra Capital LLC grew its stake in shares of Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. FMR LLC grew its position in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares in the last quarter. Norges Bank bought a new position in Elastic in the fourth quarter valued at $102,485,000. Arrowstreet Capital Limited Partnership increased its stake in Elastic by 5,972.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock valued at $73,751,000 after buying an additional 732,100 shares during the last quarter. Finally, Atreides Management LP lifted its position in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.