Elastic (NYSE:ESTC) Shares Gap Up – Should You Buy?

Elastic (NYSE:ESTC) shares gapped up before the market opened on Monday . The stock had previously closed at $83.00, but opened at $85.77. Elastic shares last traded at $85.31, with a volume of 216,463 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ESTC shares. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday. Scotiabank cut their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Truist Financial lowered their target price on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Barclays upgraded Elastic from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $95.00 in a research report on Monday, October 7th. Finally, DA Davidson dropped their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Elastic Stock Down 1.2 %

The firm’s fifty day simple moving average is $86.59 and its 200 day simple moving average is $100.05. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 155.00 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue was up 18.3% compared to the same quarter last year. Sell-side analysts predict that Elastic will post -0.91 earnings per share for the current year.

Insider Transactions at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 700.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 700.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. boosted its stake in shares of Elastic by 30.8% during 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. Vanguard Group Inc. raised its stake in Elastic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock valued at $863,440,000 after acquiring an additional 44,597 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in Elastic during the 2nd quarter worth approximately $248,335,000. Assenagon Asset Management S.A. purchased a new position in shares of Elastic in the 2nd quarter valued at approximately $102,169,000. Finally, Federated Hermes Inc. increased its holdings in shares of Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after purchasing an additional 613,774 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.