Elastic (NYSE:ESTC) Stock Rating Upgraded by Barclays

Elastic (NYSE:ESTC) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $95.00 target price on the stock, up from their previous target price of $90.00. Barclays‘s target price suggests a potential upside of 24.25% from the company’s previous close.

ESTC has been the topic of several other research reports. Robert W. Baird cut shares of Elastic from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $95.00 in a report on Friday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $136.00 price target on shares of Elastic in a report on Tuesday, August 27th. Scotiabank decreased their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. TD Cowen decreased their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Finally, Piper Sandler decreased their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Elastic Trading Down 0.9 %

NYSE:ESTC opened at $76.46 on Monday. The company has a market cap of $7.78 billion, a P/E ratio of 144.26 and a beta of 0.94. The stock’s fifty day moving average price is $88.80 and its two-hundred day moving average price is $100.69. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

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

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction that occurred on 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 owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 over the last three months. Company insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently made changes to their positions in ESTC. Goldman Sachs Group Inc. increased its stake in shares of Elastic by 77.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock valued at $93,996,000 after purchasing an additional 364,418 shares in the last quarter. Capital Fund Management S.A. bought a new stake in Elastic in the 4th quarter worth approximately $10,315,000. Alta Park Capital LP purchased a new position in shares of Elastic during the 4th quarter worth $9,129,000. Nebula Research & Development LLC purchased a new position in shares of Elastic during the 4th quarter worth $848,000. Finally, Point72 Europe London LLP purchased a new position in shares of Elastic during the 4th quarter worth $2,098,000. 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.