Morgan Stanley Initiates Coverage on Elastic (NYSE:ESTC)

Stock analysts at Morgan Stanley assumed coverage on shares of Elastic (NYSE:ESTC) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $130.00 price target on the stock. Morgan Stanley’s price objective points to a potential upside of 25.11% from the company’s previous close.

ESTC has been the topic of a number of other reports. TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Jefferies Financial Group raised their target price on shares of Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Canaccord Genuity Group boosted their target price on shares of Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Oppenheimer increased their price target on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Guggenheim raised their price objective on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.50.

Elastic Price Performance

Shares of ESTC stock opened at $103.91 on Tuesday. The business has a fifty day simple moving average of $92.89 and a 200 day simple moving average of $97.32. The company has a market cap of $10.77 billion, a P/E ratio of 188.93 and a beta of 1.02. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total value of $16,638,000.00. Following the completion of the sale, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. The trade was a 5.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 11,145 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the transaction, the insider now owns 92,011 shares in the company, valued at $10,244,504.74. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently added to or reduced their stakes in ESTC. Asset Dedication LLC lifted its holdings in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the second quarter valued at $40,000. Quarry LP acquired a new position in shares of Elastic during the second quarter valued at about $40,000. Signaturefd LLC increased its position in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of Elastic in the 3rd quarter worth about $61,000. 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.