Elastic (NYSE:ESTC) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Elastic (NYSE:ESTCGet Rating) have received a consensus rating of “Buy” from the eighteen brokerages that are covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $147.20.

A number of equities research analysts recently weighed in on the company. Truist Financial lowered their price target on Elastic from $135.00 to $110.00 in a report on Tuesday, May 10th. Oppenheimer lowered their price target on Elastic from $185.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, March 4th. Royal Bank of Canada lowered their price target on Elastic from $165.00 to $133.00 in a report on Monday, February 28th. Zacks Investment Research upgraded Elastic from a “sell” rating to a “hold” rating in a report on Friday. Finally, Stifel Nicolaus lowered their target price on Elastic from $148.00 to $125.00 and set a “buy” rating on the stock in a report on Monday, March 21st.

Shares of ESTC stock opened at $60.00 on Friday. The company has a market cap of $5.61 billion, a price-to-earnings ratio of -30.30 and a beta of 1.28. The stock has a 50 day simple moving average of $79.71 and a 200-day simple moving average of $101.89. Elastic has a 12-month low of $50.74 and a 12-month high of $189.84. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.31.

Elastic (NYSE:ESTCGet Rating) last issued its earnings results on Thursday, March 3rd. The company reported ($0.53) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.53). The business had revenue of $223.94 million during the quarter, compared to the consensus estimate of $209.71 million. Elastic had a negative return on equity of 34.20% and a negative net margin of 22.67%. The company’s revenue for the quarter was up 42.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.33) EPS. On average, equities analysts forecast that Elastic will post -1.79 earnings per share for the current fiscal year.

In related news, Director Jonathan Chadwick sold 6,250 shares of the stock in a transaction on Monday, April 25th. The stock was sold at an average price of $82.29, for a total value of $514,312.50. Following the transaction, the director now directly owns 5,102 shares of the company’s stock, valued at approximately $419,843.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ashutosh Kulkarni sold 5,822 shares of the stock in a transaction on Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $438,396.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,415 shares of company stock worth $978,537. Corporate insiders own 18.90% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of ESTC. XN LP raised its position in shares of Elastic by 343.5% in the 1st quarter. XN LP now owns 1,298,098 shares of the company’s stock worth $115,466,000 after buying an additional 1,005,396 shares during the period. Anatole Investment Management Ltd purchased a new position in shares of Elastic in the 4th quarter worth $118,568,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Elastic in the 4th quarter worth $96,794,000. Norges Bank purchased a new position in shares of Elastic in the 4th quarter worth $83,957,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Elastic in the 1st quarter worth $43,614,000. 77.44% of the stock is currently owned by institutional investors and hedge funds.

Elastic Company Profile (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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