Elastic (NYSE:ESTC) Upgraded at Baird R W

Baird R W upgraded shares of Elastic (NYSE:ESTC) from a hold rating to a strong-buy rating in a research report report published on Friday,Zacks.com reports.

A number of other research analysts have also issued reports on ESTC. Jefferies Financial Group increased their target price on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company increased their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Guggenheim boosted their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $95.00 to $135.00 in a research report on Friday. Finally, Citigroup lifted their price objective on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.8 %

Elastic stock opened at $108.03 on Friday. The stock has a 50-day moving average price of $81.78 and a 200 day moving average price of $96.91. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last issued 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 during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm’s revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.35) earnings per share. Sell-side analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the 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 sale, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of the business’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 $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 over the last three months. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. increased its stake in Elastic by 12.7% in 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 position in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. M&T Bank Corp raised its stake in Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares in the last quarter. QRG Capital Management Inc. lifted its position 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 acquiring an additional 201 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Elastic by 3.3% in 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 in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.