Elastic (NYSE:ESTC) Rating Increased to Hold at Zacks Investment Research

Elastic (NYSE:ESTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Elastic N.V. is a search company. It primarily provides Elastic Stack, a set of software products which ingest and store data from various sources and formats, as well as performs search, analysis and visualization. Elastic N.V. is based in Mountain View, California. “

Several other equities analysts also recently weighed in on ESTC. Stifel Nicolaus raised their target price on shares of Elastic from $180.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 26th. Rosenblatt Securities raised their price objective on shares of Elastic from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 26th. upped their target price on Elastic from $161.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, June 3rd. Monness Crespi & Hardt raised their price target on Elastic from $212.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Finally, Jefferies Financial Group upped their price objective on Elastic from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, July 13th. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $178.50.

NYSE ESTC traded up $1.61 during mid-day trading on Tuesday, hitting $160.11. The stock had a trading volume of 412,024 shares, compared to its average volume of 933,685. The company has a 50 day simple moving average of $152.97 and a 200 day simple moving average of $134.14. The company has a market cap of $14.70 billion, a price-to-earnings ratio of -98.23 and a beta of 1.08. Elastic has a 52-week low of $97.48 and a 52-week high of $176.49. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 1.24.

Elastic (NYSE:ESTC) last posted its earnings results on Tuesday, August 24th. The company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.14. The company had revenue of $193.10 million for the quarter, compared to analyst estimates of $173.21 million. Elastic had a negative return on equity of 26.26% and a negative net margin of 21.54%. Elastic’s revenue was up 49.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 earnings per share. As a group, equities analysts anticipate that Elastic will post -1.78 earnings per share for the current fiscal year.

In other news, Director Steven Schuurman sold 500,000 shares of the firm’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $165.35, for a total value of $82,675,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP W.H. Baird Garrett sold 1,000 shares of the company’s stock in a transaction on Wednesday, June 30th. The stock was sold at an average price of $148.13, for a total transaction of $148,130.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 514,698 shares of company stock worth $84,959,034. 20.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Elastic by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 7,437 shares of the company’s stock valued at $1,084,000 after buying an additional 71 shares during the period. Price T Rowe Associates Inc. MD grew its position in Elastic by 0.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 26,533 shares of the company’s stock valued at $3,867,000 after acquiring an additional 113 shares in the last quarter. HighPoint Advisor Group LLC raised its stake in shares of Elastic by 1.9% during the second quarter. HighPoint Advisor Group LLC now owns 6,152 shares of the company’s stock valued at $897,000 after purchasing an additional 115 shares during the period. Xponance Inc. lifted its position in shares of Elastic by 2.0% during the first quarter. Xponance Inc. now owns 6,949 shares of the company’s stock worth $773,000 after purchasing an additional 137 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Elastic by 9.2% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,084 shares of the company’s stock valued at $231,000 after purchasing an additional 176 shares during the period. 75.60% of the stock is owned by institutional investors.

About Elastic

Elastic NV engages in the provision of open source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured; Kibana, a user interface, management, and configuration interface for the Elastic Stack; Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash; and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.

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