Elastic (NYSE:ESTC) Shares Gap Up After Analyst Upgrade

Elastic (NYSE:ESTC) gapped up prior to trading on Friday after Robert W. Baird raised their price target on the stock from $135.00 to $140.00. The stock had previously closed at $101.28, but opened at $113.00. Robert W. Baird currently has an outperform rating on the stock. Elastic shares last traded at $114.16, with a volume of 680,032 shares changing hands.

ESTC has been the subject of several other research reports. The Goldman Sachs Group increased their target price on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Barclays raised their price objective on shares of Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a research report on Monday, November 25th. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, Guggenheim raised their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.22.

Insider Activity

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Elastic in the fourth quarter valued at approximately $3,558,000. Jefferies Financial Group Inc. acquired a new position in shares of Elastic in the 4th quarter valued at $456,000. Infinitum Asset Management LLC purchased a new stake in shares of Elastic during the 4th quarter valued at $6,936,000. Public Employees Retirement System of Ohio increased its holdings in shares of Elastic by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock worth $2,963,000 after buying an additional 359 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of Elastic in the 4th quarter worth $26,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Stock Up 14.7 %

The stock has a fifty day moving average of $105.85 and a two-hundred day moving average of $95.51. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The stock has a market cap of $12.04 billion, a price-to-earnings ratio of 210.32 and a beta of 1.07.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. As a group, analysts predict that Elastic will post -0.77 EPS for the current fiscal 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.