Elastic (NYSE:ESTC) Upgraded to “Outperform” at William Blair

William Blair upgraded shares of Elastic (NYSE:ESTC) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning, Marketbeat Ratings reports.

ESTC has been the subject of several other reports. UBS Group reduced their price target on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. Robert W. Baird lowered Elastic from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $135.00 to $95.00 in a research note on Friday, August 30th. Wells Fargo & Company dropped their price objective on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th. Finally, Oppenheimer dropped their price objective on Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $103.71.

Elastic Stock Performance

NYSE:ESTC opened at $82.30 on Monday. The company has a market capitalization of $8.37 billion, a P/E ratio of 155.28 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The business has a fifty day simple moving average of $85.75 and a two-hundred day simple moving average of $99.80.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The company 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 quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.35) earnings per share. On average, analysts expect that Elastic will post -0.91 earnings per share for the current year.

Insider Activity

In other news, insider Carolyn Herzog sold 4,489 shares of the business’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 $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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of Elastic stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 700.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Carolyn Herzog sold 4,489 shares of the business’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 transaction, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ESTC. PNC Financial Services Group Inc. increased its holdings in Elastic by 8.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock valued at $278,000 after purchasing an additional 185 shares during the period. HighPoint Advisor Group LLC purchased a new position in Elastic during the 4th quarter valued at about $317,000. TrueMark Investments LLC grew its holdings in shares of Elastic by 13.5% during the 1st quarter. TrueMark Investments LLC now owns 20,251 shares of the company’s stock worth $2,030,000 after acquiring an additional 2,405 shares during the period. Blue Zone Wealth Advisors LLC grew its holdings in shares of Elastic by 4.6% during the 1st quarter. Blue Zone Wealth Advisors LLC now owns 27,488 shares of the company’s stock worth $2,755,000 after acquiring an additional 1,220 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Elastic during the 1st quarter worth approximately $64,000. Hedge funds and other 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.