Elastic (NYSE:ESTC) Now Covered by Analysts at Morgan Stanley

Equities researchers at Morgan Stanley initiated coverage on shares of Elastic (NYSE:ESTC) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage set an “overweight” rating and a $130.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 25.11% from the company’s current price.

ESTC has been the topic of several other research reports. Royal Bank of Canada lifted their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Guggenheim lifted their target price on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Rosenblatt Securities restated a “buy” rating and set a $120.00 price target on shares of Elastic in a research report on Wednesday, November 20th. Barclays lifted their price objective on shares of Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Finally, Oppenheimer increased their target price on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $126.50.

Elastic Stock Performance

NYSE ESTC opened at $103.91 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company has a fifty day moving average price of $92.89 and a 200-day moving average price of $97.32. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 188.93 and a beta of 1.02.

Insider Transactions at Elastic

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

Institutional Investors Weigh In On Elastic

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in Elastic in the second quarter worth approximately $248,335,000. Atreides Management LP grew its position in Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares during the last quarter. State Street Corp raised its stake in shares of Elastic by 2.3% during the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after acquiring an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after acquiring an additional 50,355 shares during the last quarter. 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.