Monness Crespi & Hardt Upgrades Elastic (NYSE:ESTC) to “Buy”

Elastic (NYSE:ESTC) was upgraded by Monness Crespi & Hardt from a “neutral” rating to a “buy” rating in a research note issued on Friday, Marketbeat reports. The brokerage currently has a $120.00 price target on the stock. Monness Crespi & Hardt’s price objective points to a potential upside of 25.86% from the stock’s current price.

Several other equities analysts also recently commented on the company. Bank of America increased their target price on Elastic from $90.00 to $108.00 and gave the company a “neutral” rating in a research report on Friday, August 28th. Robert W. Baird boosted their price target on Elastic from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, August 28th. Truist Financial upped their price objective on Elastic from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Guggenheim lifted their target price on shares of Elastic from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Finally, Needham & Company LLC restated a “hold” rating on shares of Elastic in a research report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.92.

Elastic Stock Performance

NYSE ESTC opened at $95.34 on Friday. The firm’s fifty day moving average price is $85.85 and its two-hundred day moving average price is $65.97. The stock has a market cap of $10.01 billion, a PE ratio of 26.71, a PEG ratio of 7.82 and a beta of 1.03. Elastic has a fifty-two week low of $42.05 and a fifty-two week high of $108.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.81 and a current ratio of 1.81.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 27th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.12. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%.The company had revenue of $478.11 million during the quarter, compared to analysts’ expectations of $469.75 million. During the same period in the prior year, the company earned $0.60 EPS. Elastic’s revenue was up 15.2% compared to the same quarter last year. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. On average, equities analysts expect that Elastic will post 0.65 EPS for the current fiscal year.

Insider Transactions at Elastic

In other news, Director Steven Schuurman sold 1,500,000 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $90.13, for a total value of $135,195,000.00. Following the transaction, the director owned 4,504,600 shares in the company, valued at approximately $405,999,598. The trade was a 24.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Shay Banon sold 200,000 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $96.47, for a total transaction of $19,294,000.00. Following the sale, the chief technology officer owned 1,854,978 shares of the company’s stock, valued at approximately $178,949,727.66. This trade represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 2,585,641 shares of company stock worth $234,551,366. Company insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

A number of large investors have recently bought and sold shares of ESTC. Amundi boosted its holdings in shares of Elastic by 37.2% during the 1st quarter. Amundi now owns 296,604 shares of the company’s stock worth $14,827,000 after buying an additional 80,441 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Elastic by 43.7% during the 2nd quarter. Engineers Gate Manager LP now owns 129,697 shares of the company’s stock worth $7,395,000 after buying an additional 39,468 shares during the period. California State Teachers Retirement System increased its stake in shares of Elastic by 21.8% in the 1st quarter. California State Teachers Retirement System now owns 104,579 shares of the company’s stock valued at $5,228,000 after acquiring an additional 18,716 shares in the last quarter. Temasek Holdings Private Ltd increased its stake in shares of Elastic by 9.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 1,294,465 shares of the company’s stock valued at $97,654,000 after acquiring an additional 109,608 shares in the last quarter. Finally, Styrax Capital LP acquired a new position in shares of Elastic during the 4th quarter valued at $29,740,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

About Elastic

Elastic N.V. (NYSE: ESTC) develops search, observability and security software for organizations that need to collect, analyze and act on large volumes of data. Its platform helps users search structured and unstructured information, monitor applications and infrastructure, detect security threats and build artificial intelligence-powered experiences.

The company’s principal offerings include Elasticsearch, its distributed search and analytics engine; Kibana, a visualization and data exploration interface; and Elastic Cloud, a managed cloud service for deploying Elastic products.