Elastic (NYSE:ESTC) Given Buy Rating at UBS Group

Elastic (NYSE:ESTC)‘s stock had its “buy” rating reaffirmed by analysts at UBS Group in a note issued to investors on Wednesday, Marketbeat reports. They currently have a $95.00 price objective on the stock, down from their previous price objective of $148.00. UBS Group’s target price would indicate a potential upside of 22.72% from the stock’s previous close.

Several other analysts have also commented on the stock. Stifel Nicolaus lowered their price objective on shares of Elastic from $140.00 to $112.00 and set a “buy” rating for the company in a report on Friday, May 30th. Cantor Fitzgerald lowered their price objective on shares of Elastic from $109.00 to $92.00 and set a “neutral” rating for the company in a report on Friday, May 30th. Rosenblatt Securities lowered their price objective on shares of Elastic from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, May 30th. Robert W. Baird lowered their price objective on shares of Elastic from $125.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Finally, Scotiabank lowered their price objective on shares of Elastic from $137.00 to $95.00 and set a “sector outperform” rating for the company in a report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $110.60.

Elastic Trading Up 1.3%

Shares of Elastic stock traded up $0.99 during trading on Wednesday, reaching $77.41. 2,099,507 shares of the stock were exchanged, compared to its average volume of 1,393,696. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. The stock’s fifty day moving average is $83.26 and its 200 day moving average is $90.38. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of -73.72 and a beta of 1.07. Elastic has a 1 year low of $69.00 and a 1 year high of $118.84.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. Elastic’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. As a group, equities research analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 22,901 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $1,990,325.91. Following the completion of the sale, the chief executive officer directly owned 454,841 shares in the company, valued at approximately $39,530,231.31. The trade was a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 5,702 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $495,560.82. Following the transaction, the insider directly owned 93,985 shares in the company, valued at $8,168,236.35. The trade was a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,913 shares of company stock valued at $4,416,324 over the last ninety days. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Massachusetts Financial Services Co. MA raised its holdings in Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock worth $203,872,000 after purchasing an additional 2,246,808 shares during the period. Sylebra Capital LLC raised its holdings in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the period. AQR Capital Management LLC raised its holdings in Elastic by 6,651.3% in the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock worth $122,978,000 after purchasing an additional 1,383,065 shares during the period. Driehaus Capital Management LLC raised its holdings in Elastic by 1,450.8% in the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock worth $78,448,000 after purchasing an additional 823,680 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in Elastic by 302.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 932,630 shares of the company’s stock worth $78,649,000 after purchasing an additional 700,697 shares during the period. 97.03% of the stock is owned by institutional investors.

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.