Citigroup upgraded shares of Elastic (NYSE:ESTC) from a neutral rating to a buy rating in a research note published on Thursday morning, BenzingaRatingsTable reports. Citigroup currently has $126.00 target price on the stock, up from their previous target price of $90.00.
ESTC has been the topic of a number of other research reports. Goldman Sachs Group lifted their price target on shares of Elastic from $75.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday, June 24th. They noted that the move was a valuation call. Barclays lifted their price objective on Elastic from $70.00 to $108.00 and gave the company an overweight rating in a report on Thursday, June 4th. DA Davidson lifted their price objective on Elastic from $70.00 to $100.00 and gave the company a buy rating in a report on Thursday, June 4th. Zacks Investment Research raised Elastic from a hold rating to a buy rating and set a $101.00 price objective for the company in a report on Tuesday, July 21st. Finally, Canaccord Genuity lifted their price objective on Elastic from $90.00 to $100.00 and gave the company a buy rating in a report on Thursday, June 4th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of Buy and an average price target of $103.27.
ESTC stock traded up $2.10 during midday trading on Thursday, hitting $109.08. 19,187 shares of the company traded hands, compared to its average volume of 819,594. Elastic has a twelve month low of $39.01 and a twelve month high of $107.93. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.07. The business has a 50 day simple moving average of $92.21 and a 200-day simple moving average of $74.11. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of -50.23 and a beta of 0.94.
Elastic (NYSE:ESTC) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.19. The company had revenue of $123.60 million for the quarter, compared to the consensus estimate of $117.15 million. Elastic had a negative return on equity of 34.65% and a negative net margin of 39.09%. The company’s revenue for the quarter was up 52.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.28) earnings per share. Equities research analysts forecast that Elastic will post -1.86 EPS for the current year.
In related news, SVP Kevin Kluge sold 5,000 shares of Elastic stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $90.00, for a total value of $450,000.00. Following the completion of the sale, the senior vice president now directly owns 536,188 shares in the company, valued at $48,256,920. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP W.H. Baird Garrett sold 40,000 shares of Elastic stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $84.01, for a total value of $3,360,400.00. Following the completion of the sale, the senior vice president now owns 62,000 shares of the company’s stock, valued at $5,208,620. The disclosure for this sale can be found here. Insiders sold 1,326,249 shares of company stock valued at $118,013,903 over the last ninety days. 35.30% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of ESTC. Bank of Montreal Can lifted its stake in Elastic by 71.6% in the 2nd quarter. Bank of Montreal Can now owns 472 shares of the company’s stock valued at $46,000 after acquiring an additional 197 shares in the last quarter. Liberty One Investment Management LLC bought a new stake in Elastic in the 2nd quarter valued at $45,000. Rockefeller Capital Management L.P. bought a new stake in Elastic in the 2nd quarter valued at $48,000. PNC Financial Services Group Inc. raised its stake in Elastic by 2,468.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 642 shares of the company’s stock valued at $35,000 after acquiring an additional 617 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in Elastic by 30.6% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 849 shares of the company’s stock valued at $47,000 after acquiring an additional 199 shares during the period. Institutional investors own 70.23% of the company’s stock.
Elastic Company Profile
Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.
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