TD Cowen assumed coverage on shares of Elastic (NYSE:ESTC – Free Report) in a report issued on Friday morning, MarketBeat Ratings reports. The brokerage issued a market perform rating and a $65.00 price objective on the stock.
A number of other analysts have also recently commented on ESTC. Wedbush reiterated a neutral rating and set a $67.00 price objective on shares of Elastic in a research report on Tuesday, July 18th. Stifel Nicolaus lifted their price target on Elastic from $60.00 to $70.00 in a report on Friday, June 2nd. DA Davidson started coverage on Elastic in a report on Friday, June 16th. They issued a neutral rating and a $60.00 price target for the company. Wells Fargo & Company upgraded Elastic from an underweight rating to an equal weight rating and lifted their price target for the company from $55.00 to $67.00 in a report on Friday, June 2nd. Finally, Royal Bank of Canada lifted their price target on Elastic from $71.00 to $84.00 in a report on Wednesday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $73.65.
Check Out Our Latest Research Report on ESTC
Elastic Stock Performance
Elastic (NYSE:ESTC – Get Free Report) last released its quarterly earnings results on Thursday, June 1st. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.13. The business had revenue of $279.94 million during the quarter, compared to the consensus estimate of $277.63 million. Elastic had a negative return on equity of 46.49% and a negative net margin of 22.09%. The business’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.64) EPS. Equities research analysts predict that Elastic will post -1.17 earnings per share for the current year.
Insider Activity
In related news, insider Ken Exner sold 2,235 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $70.41, for a total transaction of $157,366.35. Following the transaction, the insider now directly owns 120,882 shares of the company’s stock, valued at approximately $8,511,301.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Ken Exner sold 2,235 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $70.41, for a total transaction of $157,366.35. Following the transaction, the insider now directly owns 120,882 shares of the company’s stock, valued at approximately $8,511,301.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 1,320 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $64.20, for a total value of $84,744.00. Following the transaction, the insider now directly owns 84,643 shares in the company, valued at $5,434,080.60. The disclosure for this sale can be found here. Insiders have sold 372,694 shares of company stock valued at $25,962,227 in the last three months. Corporate insiders own 18.80% of the company’s stock.
Hedge Funds Weigh In On Elastic
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Elastic by 418.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 441 shares of the company’s stock valued at $26,000 after purchasing an additional 356 shares in the last quarter. Whittier Trust Co. acquired a new position in shares of Elastic in the 1st quarter valued at approximately $31,000. Quarry LP raised its position in shares of Elastic by 79.6% in the 1st quarter. Quarry LP now owns 591 shares of the company’s stock valued at $34,000 after purchasing an additional 262 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of Elastic by 50.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 707 shares of the company’s stock valued at $36,000 after purchasing an additional 238 shares in the last quarter. Finally, Amundi raised its position in shares of Elastic by 2,063.8% in the 4th quarter. Amundi now owns 1,017 shares of the company’s stock valued at $53,000 after purchasing an additional 970 shares in the last quarter. 74.83% of the stock is owned by institutional investors and hedge funds.
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.
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