Elastic (ESTC) Received its Third Buy in a Row

After RBC Capital and Monness gave Elastic (NYSE: ESTC) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Blair Abernethy initiated coverage with a Buy rating on Elastic today and set a price target of $175.00. The company’s shares closed last Thursday at $131.56.

According to TipRanks.com, Abernethy is a 4-star analyst with an average return of 15.1% and a 69.8% success rate. Abernethy covers the Technology sector, focusing on stocks such as Sumo Logic, Dynatrace, and Snowflake.

Elastic has an analyst consensus of Strong Buy, with a price target consensus of $179.77, representing a 22.0% upside. In a report issued on February 19, RBC Capital also maintained a Buy rating on the stock with a $175.00 price target.

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Elastic’s market cap is currently $11.5B and has a P/E ratio of -102.70. The company has a Price to Book ratio of 66.51.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ESTC in relation to earlier this year.

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Elastic NV engages in the provision of open source search and analytics engine services. It offers Elastic Stack, which is a set of software products that ingest and store data from any source, in any format, and perform search, analysis, and visualization. The company was founded by Shay Banon, Uri Boness, Steven Schuurman, and Simon Willnauer on February 9, 2012 and is headquartered in Mountain View, CA.