Needham & Company LLC Reiterates “Hold” Rating for Elastic (NYSE:ESTC)

Needham & Company LLC restated their hold rating on shares of Elastic (NYSE:ESTC) in a research note published on Friday,Benzinga reports.

A number of other equities analysts have also weighed in on the stock. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 target price for the company. Scotiabank reduced their price objective on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Oppenheimer dropped their target price on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 30th. Royal Bank of Canada reduced their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Finally, Baird R W downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Up 14.8 %

NYSE:ESTC opened at $108.03 on Friday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a 50-day moving average price of $81.78 and a two-hundred day moving average price of $96.91. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

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 analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the prior year, the business earned ($0.35) EPS. Elastic’s revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, equities analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insider Activity

In related news, CTO Shay Banon sold 2,666 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 $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. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 over the last ninety days. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of the business. Toronto Dominion Bank bought a new stake in Elastic in the 1st quarter valued at about $5,780,000. Interval Partners LP acquired a new stake in Elastic during the first quarter worth approximately $1,704,000. Russell Investments Group Ltd. increased its stake in Elastic by 993.0% during the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after acquiring an additional 15,659 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in Elastic in the 3rd quarter valued at $1,262,000. Finally, WD Rutherford LLC bought a new stake in shares of Elastic during the 2nd quarter valued at $422,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.