Elastic (NYSE:ESTC) Stock Rating Reaffirmed as “Outperform” by Wedbush

Elastic (NYSE:ESTC)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report issued on Friday, Benzinga reports. They currently have a $125.00 price target on the stock. Wedbush’s target price indicates a potential upside of 31.93% from the company’s previous close.

ESTC has been the subject of several other research reports. Royal Bank Of Canada raised their target price on Elastic from $70.00 to $87.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Robert W. Baird raised their target price on Elastic from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, August 28th. Guggenheim raised their price target on Elastic from $106.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 28th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Friday. Finally, Stifel Nicolaus raised their price target on Elastic from $107.00 to $120.00 and gave the company a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.92.

Elastic Price Performance

Shares of Elastic stock traded down $0.78 during midday trading on Friday, hitting $94.75. 668,035 shares of the company were exchanged, compared to its average volume of 2,125,202. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.81 and a quick ratio of 1.81. The firm has a market cap of $9.95 billion, a P/E ratio of 26.59, a PEG ratio of 8.25 and a beta of 1.03. Elastic has a 52 week low of $42.05 and a 52 week high of $108.00. The firm has a 50 day simple moving average of $87.03 and a 200-day simple moving average of $66.61.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 27th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.58 by $0.12. The business had revenue of $478.11 million during the quarter, compared to the consensus estimate of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%. Elastic’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.60 EPS. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. Research analysts forecast that Elastic will post 0.65 earnings per share for the current year.

Insider Activity

In related news, CTO Shay Banon sold 84,207 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $84.64, for a total transaction of $7,127,280.48. Following the completion of the sale, the chief technology officer directly owned 3,910,563 shares of the company’s stock, valued at $330,990,052.32. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Schuurman sold 1,500,000 shares of Elastic stock in a transaction on Monday, October 5th. The shares were sold at an average price of $90.13, for a total value of $135,195,000.00. Following the completion of the sale, the director directly owned 4,504,600 shares of the company’s stock, valued at $405,999,598. This trade represents a 24.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 2,585,641 shares of company stock worth $234,551,366. 12.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. NorthCrest Asset Manangement LLC increased its stake in shares of Elastic by 80.0% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 6,625 shares of the company’s stock valued at $631,000 after buying an additional 2,944 shares during the period. Kaizen Financial Strategies acquired a new stake in shares of Elastic in the 3rd quarter valued at $268,000. GAMMA Investing LLC increased its stake in shares of Elastic by 61.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,470 shares of the company’s stock valued at $135,000 after buying an additional 562 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Elastic by 49.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,709 shares of the company’s stock valued at $157,000 after buying an additional 568 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in shares of Elastic in the 3rd quarter valued at $9,109,000. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Company Profile

Elastic N.V. (NYSE: ESTC) develops search, observability and security software for organizations that need to collect, analyze and act on large volumes of data. Its platform helps users search structured and unstructured information, monitor applications and infrastructure, detect security threats and build artificial intelligence-powered experiences.

The company’s principal offerings include Elasticsearch, its distributed search and analytics engine; Kibana, a visualization and data exploration interface; and Elastic Cloud, a managed cloud service for deploying Elastic products.