Elastic (NYSE:ESTC) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Elastic (NYSE:ESTC) in a report issued on Tuesday, Benzinga reports.

Several other brokerages have also issued reports on ESTC. Citigroup boosted their price objective on Elastic from $155.00 to $160.00 and gave the company a buy rating in a research report on Wednesday, August 28th. Scotiabank lowered their price objective on shares of Elastic from $135.00 to $92.00 and set a sector outperform rating for the company in a research report on Friday, August 30th. Robert W. Baird lowered shares of Elastic from an outperform rating to a neutral rating and dropped their price objective for the stock from $135.00 to $95.00 in a report on Friday, August 30th. Piper Sandler reduced their target price on shares of Elastic from $131.00 to $100.00 and set an overweight rating for the company in a research note on Friday, August 30th. Finally, Royal Bank of Canada dropped their price target on Elastic from $135.00 to $110.00 and set an outperform rating on the stock in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Elastic has a consensus rating of Moderate Buy and a consensus price target of $103.71.

Elastic Trading Up 1.2 %

NYSE:ESTC opened at $82.98 on Tuesday. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market capitalization of $8.53 billion, a price-to-earnings ratio of 150.87 and a beta of 0.94. The business’s 50-day moving average price is $87.31 and its two-hundred day moving average price is $100.29.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.35) EPS. On average, equities analysts expect that Elastic will post -0.91 earnings per share for the current year.

Insider Activity

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 700.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Shay Banon sold 2,666 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 transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB bought a new stake in Elastic in the 1st quarter valued at $3,104,000. Toronto Dominion Bank acquired a new position in shares of Elastic in the first quarter valued at about $5,780,000. Quantbot Technologies LP increased its position in Elastic by 165.2% during the first quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after acquiring an additional 8,048 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock worth $1,766,000 after purchasing an additional 15,514 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Elastic by 77.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 834,033 shares of the company’s stock valued at $93,996,000 after purchasing an additional 364,418 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Elastic

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.