Elastic (NYSE:ESTC) was upgraded by equities research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday, The Fly reports.
A number of other research analysts also recently issued reports on the stock. KeyCorp reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Elastic in a research report on Thursday, April 18th. Bank of America lifted their target price on shares of Elastic from $115.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Stifel Nicolaus began coverage on shares of Elastic in a report on Monday, May 13th. They issued a “hold” rating and a $75.00 target price on the stock. Zacks Investment Research raised shares of Elastic from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $125.00 target price (up previously from $120.00) on shares of Elastic in a report on Thursday, June 6th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $93.92.
Shares of NYSE ESTC opened at $85.83 on Wednesday. Elastic has a 1 year low of $58.55 and a 1 year high of $104.10. The company’s 50-day moving average is $88.98. The stock has a market capitalization of $6.52 billion and a PE ratio of -47.68.
Elastic (NYSE:ESTC) last announced its quarterly earnings results on Wednesday, June 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.17. The company had revenue of $80.60 million for the quarter, compared to analysts’ expectations of $75.79 million. The company’s quarterly revenue was up 62.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Elastic will post -2.17 EPS for the current fiscal year.
In related news, Director Michelangelo Volpi sold 28,298 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $73.94, for a total transaction of $2,092,354.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Aaron Katz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $80.38, for a total value of $1,205,700.00. The disclosure for this sale can be found here. Insiders sold a total of 1,958,440 shares of company stock valued at $166,049,106 in the last three months. Corporate insiders own 51.80% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp purchased a new stake in Elastic during the 4th quarter valued at $2,235,000. Glaxis Capital Management LLC purchased a new position in shares of Elastic in the 1st quarter worth $584,000. Pier Capital LLC boosted its stake in shares of Elastic by 122.2% in the 1st quarter. Pier Capital LLC now owns 87,111 shares of the company’s stock worth $6,958,000 after buying an additional 47,910 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new position in shares of Elastic in the 1st quarter worth $301,000. Finally, Landsberg Bennett & Dubbaneh LLC purchased a new position in shares of Elastic in the 2nd quarter worth $239,000. Institutional investors and hedge funds own 44.53% of the company’s stock.
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.
Further Reading: The risks of owning bonds
Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.