Wells Fargo & Company upgraded shares of Elastic (NYSE:ESTC – Get Rating) from an underweight rating to an equal weight rating in a report published on Friday, The Fly reports. Wells Fargo & Company currently has $67.00 price target on the stock, up from their previous price target of $55.00.
Several other research analysts have also weighed in on ESTC. JPMorgan Chase & Co. dropped their price objective on shares of Elastic from $70.00 to $67.00 and set an overweight rating on the stock in a research note on Friday, March 3rd. Royal Bank of Canada boosted their target price on shares of Elastic from $71.00 to $84.00 in a research report on Wednesday. Barclays boosted their target price on shares of Elastic from $70.00 to $83.00 in a research report on Friday. Citigroup boosted their target price on shares of Elastic from $75.00 to $92.00 in a research report on Thursday. Finally, Rosenblatt Securities reissued a buy rating and issued a $96.00 target price on shares of Elastic in a research report on Wednesday, March 1st. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $78.06.
Elastic Stock Performance
Elastic stock opened at $72.28 on Friday. Elastic has a 12-month low of $46.18 and a 12-month high of $91.30. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of -26.77 and a beta of 1.06. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.89 and a quick ratio of 1.89. The firm’s fifty day moving average price is $60.34 and its 200 day moving average price is $57.86.
Insider Activity at Elastic
In related news, CEO Ashutosh Kulkarni sold 12,098 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $58.28, for a total value of $705,071.44. Following the transaction, the chief executive officer now directly owns 343,037 shares in the company, valued at $19,992,196.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ashutosh Kulkarni sold 12,098 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $58.28, for a total value of $705,071.44. Following the transaction, the chief executive officer now directly owns 343,037 shares in the company, valued at $19,992,196.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ken Exner sold 2,064 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $58.28, for a total transaction of $120,289.92. Following the completion of the transaction, the insider now owns 123,117 shares in the company, valued at $7,175,258.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,118 shares of company stock worth $1,055,917. Corporate insiders own 18.80% of the company’s stock.
Institutional Investors Weigh In On Elastic
Several institutional investors and hedge funds have recently bought and sold shares of ESTC. Cambridge Investment Research Advisors Inc. lifted its position in Elastic by 17.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,780 shares of the company’s stock worth $514,000 after purchasing an additional 848 shares during the period. HighTower Advisors LLC lifted its position in Elastic by 9.5% during the first quarter. HighTower Advisors LLC now owns 6,472 shares of the company’s stock worth $576,000 after purchasing an additional 564 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Elastic during the first quarter worth about $295,000. Rhumbline Advisers lifted its position in Elastic by 3.2% during the first quarter. Rhumbline Advisers now owns 72,555 shares of the company’s stock worth $6,454,000 after purchasing an additional 2,274 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Elastic by 4.8% in the first quarter. BlackRock Inc. now owns 5,616,149 shares of the company’s stock worth $499,557,000 after acquiring an additional 259,742 shares during the last quarter. Institutional investors own 78.40% of the company’s stock.
Elastic Company Profile
Elastic NV engages in the provision of open-source search and analytics engine services. It 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. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.
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