Elastic (NYSE:ESTC) Upgraded to “Buy” by Canaccord Genuity

Canaccord Genuity upgraded shares of Elastic (NYSE:ESTC) from a hold rating to a buy rating in a research note published on Monday morning, Briefing.com Automated Import reports. They currently have $90.00 price objective on the stock.

A number of other research firms also recently issued reports on ESTC. Citigroup lifted their price objective on Elastic from $98.00 to $100.00 and gave the stock a neutral rating in a research note on Thursday, August 29th. Piper Jaffray Companies assumed coverage on Elastic in a research note on Monday, October 28th. They issued an overweight rating and a $93.00 price objective on the stock. Monness Crespi & Hardt lifted their price objective on Elastic from $125.00 to $130.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Zacks Investment Research downgraded Elastic from a buy rating to a hold rating in a research report on Tuesday, October 29th. Finally, Barclays set a $105.00 target price on Elastic and gave the company a buy rating in a research report on Friday, November 1st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $102.93.

NYSE:ESTC traded up $1.08 during trading hours on Monday, reaching $76.84. The stock had a trading volume of 660,362 shares, compared to its average volume of 1,047,945. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.06 and a current ratio of 2.06. Elastic has a 52 week low of $60.78 and a 52 week high of $104.10. The company has a 50 day moving average price of $77.21 and a two-hundred day moving average price of $83.57. The stock has a market capitalization of $5.80 billion and a PE ratio of -42.69.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Wednesday, August 28th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.60) by $0.09. Elastic had a negative return on equity of 44.92% and a negative net margin of 41.18%. The business had revenue of $89.70 million for the quarter, compared to the consensus estimate of $83.49 million. The company’s revenue was up 58.5% on a year-over-year basis. Equities research analysts predict that Elastic will post -2.06 EPS for the current year.

In related news, Director Michelangelo Volpi sold 128,875 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $95.15, for a total transaction of $12,262,456.25. Also, SVP W.H. Baird Garrett sold 2,000 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.34, for a total value of $148,680.00. In the last three months, insiders have sold 790,877 shares of company stock worth $69,653,874. Corporate insiders own 44.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ESTC. Phocas Financial Corp. purchased a new position in shares of Elastic in the second quarter valued at approximately $2,195,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Elastic by 35.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,492 shares of the company’s stock worth $123,000 after acquiring an additional 394 shares during the last quarter. Coastal Investment Advisors Inc. acquired a new stake in Elastic during the third quarter worth $37,000. US Bancorp DE acquired a new stake in Elastic during the second quarter worth $37,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Elastic during the third quarter worth $53,000. Institutional investors own 55.48% of the company’s stock.

Elastic Company Profile

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.

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Analyst Recommendations for Elastic (NYSE:ESTC)

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