Elastic (NYSE:ESTC) Upgraded at UBS Group

UBS Group upgraded shares of Elastic (NYSE:ESTC) from a buy rating to a strong-buy rating in a report released on Wednesday morning, MarketBeat Ratings reports. They currently have $95.00 price objective on the stock, down from their previous price objective of $148.00.

A number of other equities research analysts also recently issued reports on the company. KeyCorp started coverage on Elastic in a research report on Tuesday, June 10th. They set a “sector weight” rating for the company. Morgan Stanley lowered their price target on Elastic from $140.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Canaccord Genuity Group lowered their price target on Elastic from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, June 2nd. Robert W. Baird lowered their price target on Elastic from $125.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Finally, Monness Crespi & Hardt raised Elastic from a “neutral” rating to a “buy” rating and set a $111.00 price target for the company in a research report on Friday, June 27th. Eight equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus target price of $110.60.

Elastic Price Performance

Shares of NYSE:ESTC opened at $77.41 on Wednesday. The company has a market cap of $8.17 billion, a P/E ratio of -73.72 and a beta of 1.07. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. Elastic has a 52 week low of $69.00 and a 52 week high of $118.84. The business has a fifty day simple moving average of $83.26 and a 200-day simple moving average of $90.38.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.10. The business had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 earnings per share. Equities research analysts forecast that Elastic will post -0.77 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Mark Eugene Dodds sold 5,514 shares of the business’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $479,221.74. Following the transaction, the executive owned 165,443 shares in the company, valued at approximately $14,378,651.13. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ken Exner sold 6,918 shares of the business’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $601,243.38. Following the completion of the transaction, the insider owned 230,494 shares in the company, valued at approximately $20,032,233.54. This trade represents a 2.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,913 shares of company stock valued at $4,416,324. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new stake in Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC acquired a new stake in Elastic during the fourth quarter valued at approximately $26,000. Signaturefd LLC raised its stake in Elastic by 53.7% during the first quarter. Signaturefd LLC now owns 335 shares of the company’s stock valued at $30,000 after buying an additional 117 shares in the last quarter. North Capital Inc. acquired a new stake in Elastic during the first quarter valued at approximately $37,000. Finally, Huntington National Bank raised its stake in Elastic by 97.5% during the second quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after buying an additional 231 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.