Elastic (NYSE:ESTC) Trading Up 6.1%


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Shares of Elastic (NYSE:ESTC) shot up 6.1% on Tuesday . The company traded as high as $120.22 and last traded at $120.16. Approximately 15,394 shares changed hands during trading, a decline of 99% from the average session volume of 1,081,336 shares. The stock had previously closed at $113.25.

Several equities research analysts have recently issued reports on ESTC shares. Truist began coverage on shares of Elastic in a research report on Wednesday, January 20th. They issued a “buy” rating and a $175.00 price objective for the company. Rosenblatt Securities started coverage on Elastic in a report on Thursday, March 4th. They issued a “buy” rating and a $175.00 price target for the company. The Goldman Sachs Group initiated coverage on Elastic in a research note on Thursday, January 21st. They set a “neutral” rating and a $190.00 price objective on the stock. Canaccord Genuity increased their target price on Elastic from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, February 25th. Finally, DA Davidson boosted their price target on Elastic from $150.00 to $184.00 and gave the stock a “buy” rating in a research report on Wednesday, March 3rd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $167.65.

The stock has a market capitalization of $10.93 billion, a P/E ratio of -81.17 and a beta of 1.16. The stock’s 50 day simple moving average is $125.86 and its 200 day simple moving average is $137.41.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Wednesday, February 24th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.30. The business had revenue of $157.12 million for the quarter, compared to analysts’ expectations of $146.47 million. Elastic had a negative net margin of 24.21% and a negative return on equity of 22.51%. Equities analysts anticipate that Elastic will post -1.13 earnings per share for the current fiscal year.

In other Elastic news, Director Jonathan Chadwick sold 6,250 shares of the business’s stock in a transaction on Monday, January 25th. The shares were sold at an average price of $164.32, for a total transaction of $1,027,000.00. Following the completion of the sale, the director now owns 10,029 shares in the company, valued at $1,647,965.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Janesh Moorjani sold 14,733 shares of the stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $114.89, for a total transaction of $1,692,674.37. Following the sale, the chief financial officer now directly owns 47,676 shares in the company, valued at $5,477,495.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,468 shares of company stock valued at $17,628,196. Insiders own 25.20% of the company’s stock.

Several large investors have recently made changes to their positions in ESTC. Mawer Investment Management Ltd. bought a new position in Elastic in the fourth quarter worth about $144,347,000. FMR LLC raised its position in shares of Elastic by 10.7% during the 4th quarter. FMR LLC now owns 9,543,976 shares of the company’s stock worth $1,394,661,000 after purchasing an additional 925,846 shares during the period. Morgan Stanley lifted its holdings in shares of Elastic by 142.7% in the 4th quarter. Morgan Stanley now owns 1,347,381 shares of the company’s stock worth $196,893,000 after purchasing an additional 792,117 shares during the last quarter. Norges Bank acquired a new position in Elastic during the 4th quarter valued at approximately $88,064,000. Finally, BlackRock Inc. grew its stake in Elastic by 8.4% during the 4th quarter. BlackRock Inc. now owns 5,080,324 shares of the company’s stock worth $742,387,000 after buying an additional 395,480 shares during the last quarter. 70.50% of the stock is owned by institutional investors and hedge funds.

About Elastic (NYSE:ESTC)

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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