Elastic (NYSE:ESTC) Raised to Strong-Buy at Baird R W

Elastic (NYSE:ESTC) was upgraded by research analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

ESTC has been the topic of several other reports. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $95.00 to $135.00 in a report on Friday. Royal Bank of Canada upped their price objective on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price objective on shares of Elastic in a report on Wednesday. DA Davidson increased their price target on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Wells Fargo & Company increased their price target on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Up 14.7 %

NYSE:ESTC opened at $107.94 on Friday. The firm’s 50 day simple moving average is $81.13 and its 200 day simple moving average is $97.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a market cap of $11.09 billion, a PE ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the company earned ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This trade represents a 4.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 over the last quarter. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ESTC. Russell Investments Group Ltd. raised its position in Elastic by 993.0% during the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after acquiring an additional 15,659 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Elastic by 24.6% in the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock worth $224,000 after acquiring an additional 441 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares during the last quarter. Toronto Dominion Bank acquired a new position in Elastic during the first quarter worth $5,780,000. Finally, Lazard Asset Management LLC boosted its stake in Elastic by 44.1% during the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after buying an additional 1,179 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.