Elastic (NYSE:ESTC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Elastic (NYSE:ESTC) have been assigned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $118.05.

A number of analysts recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday, May 31st. UBS Group began coverage on Elastic in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $135.00 target price for the company. Bank of America dropped their price target on Elastic from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Citigroup lifted their price objective on shares of Elastic from $145.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, June 3rd. Finally, Canaccord Genuity Group dropped their target price on shares of Elastic from $130.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, May 31st.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $2,068,208.10. Following the transaction, the chief executive officer now owns 461,961 shares of the company’s stock, valued at approximately $50,769,513.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Ashutosh Kulkarni sold 18,819 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the sale, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at approximately $50,769,513.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 180,000 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $107.82, for a total value of $19,407,600.00. Following the sale, the chief technology officer now directly owns 2,874,978 shares in the company, valued at $309,980,127.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ESTC. Sylebra Capital LLC acquired a new position in Elastic in the 3rd quarter worth approximately $318,822,000. Baillie Gifford & Co. boosted its position in shares of Elastic by 30.8% in the first quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock worth $1,018,110,000 after buying an additional 2,392,356 shares during the period. Norges Bank purchased a new position in shares of Elastic during the fourth quarter valued at $92,847,000. 1832 Asset Management L.P. acquired a new position in Elastic during the fourth quarter valued at $58,153,000. Finally, Vanguard Group Inc. lifted its stake in Elastic by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 8,573,534 shares of the company’s stock worth $696,514,000 after acquiring an additional 380,694 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $120.61 on Friday. The company has a market cap of $12.27 billion, a P/E ratio of 227.57 and a beta of 0.98. Elastic has a one year low of $57.38 and a one year high of $136.06. The business’s 50-day simple moving average is $109.56 and its 200 day simple moving average is $110.59. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 1.76.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The firm had revenue of $335.00 million during the quarter, compared to analysts’ expectations of $329.15 million. Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. On average, sell-side analysts forecast that Elastic will post -1.12 earnings per share 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.