Elastic (NYSE:ESTC) Shares Gap Up – What’s Next?

Elastic (NYSE:ESTC) shares gapped up before the market opened on Thursday . The stock had previously closed at $88.58, but opened at $92.30. Elastic shares last traded at $92.29, with a volume of 326,803 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ESTC shares. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Truist Financial cut their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 30th. TD Cowen cut their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Barclays raised their target price on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, UBS Group dropped their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Elastic currently has an average rating of “Moderate Buy” and a consensus target price of $103.43.

Elastic Trading Up 5.7 %

The business has a 50-day moving average of $80.71 and a 200-day moving average of $97.05. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of 160.89 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.35) earnings per share. Research analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 over the last three months. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Elastic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock worth $863,440,000 after purchasing an additional 44,597 shares during the last quarter. FMR LLC grew its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in shares of Elastic during the 2nd quarter valued at $248,335,000. Atreides Management LP grew its position in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after acquiring an additional 31,663 shares during the last quarter. Institutional investors 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.