Elastic’s (ESTC) Outperform Rating Reaffirmed at Wedbush

Elastic (NYSE:ESTC)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a note issued to investors on Friday, Benzinga reports. They presently have a $125.00 target price on the stock. Wedbush’s target price would suggest a potential upside of 32.19% from the stock’s previous close.

ESTC has been the topic of several other reports. Bank of America lifted their price objective on Elastic from $90.00 to $108.00 and gave the stock a “neutral” rating in a report on Friday, August 28th. Cantor Fitzgerald reissued a “neutral” rating and issued a $100.00 target price on shares of Elastic in a research note on Wednesday, September 23rd. Stifel Nicolaus raised their target price on shares of Elastic from $107.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Guggenheim raised their target price on shares of Elastic from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Finally, JPMorgan Chase & Co. raised their target price on shares of Elastic from $93.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.92.

Elastic Stock Performance

NYSE:ESTC traded down $0.96 during trading hours on Friday, reaching $94.56. The company had a trading volume of 491,747 shares, compared to its average volume of 2,124,284. Elastic has a 1-year low of $42.05 and a 1-year high of $108.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.81 and a quick ratio of 1.81. The firm has a market cap of $9.93 billion, a PE ratio of 26.57, a price-to-earnings-growth ratio of 8.25 and a beta of 1.03. The business’s 50 day moving average price is $87.03 and its 200-day moving average price is $66.61.

Elastic (NYSE:ESTC) last posted its 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 firm had revenue of $478.11 million for the quarter, compared to analysts’ expectations of $469.75 million. During the same period last year, the firm earned $0.60 EPS. The company’s quarterly revenue was up 15.2% on a year-over-year basis. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. Research analysts forecast that Elastic will post 0.65 EPS for the current year.

Insider Activity

In other news, CAO Jane Bone sold 1,542 shares of Elastic stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $87.78, for a total transaction of $135,356.76. Following the sale, the chief accounting officer owned 47,697 shares of the company’s stock, valued at approximately $4,186,842.66. The trade was a 3.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Mark Dodds sold 10,000 shares of Elastic stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $92.58, for a total transaction of $925,800.00. Following the sale, the executive directly owned 278,538 shares in the company, valued at approximately $25,787,048.04. The trade was a 3.47% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 2,585,641 shares of company stock worth $234,551,366. 12.70% of the stock is owned by company insiders.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Bessemer Group Inc. purchased a new stake in Elastic in the first quarter valued at approximately $25,000. Basecamp Wealth Advisors LLC purchased a new stake in Elastic in the first quarter valued at approximately $28,000. Harbor Investment Advisory LLC purchased a new stake in Elastic in the second quarter valued at approximately $42,000. Root Financial Partners LLC grew its stake in shares of Elastic by 2,976.7% in the first quarter. Root Financial Partners LLC now owns 923 shares of the company’s stock worth $46,000 after acquiring an additional 893 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Elastic in the first quarter worth $79,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.