Elastic (NYSE:ESTC) Given New $140.00 Price Target at Morgan Stanley

Elastic (NYSE:ESTC) had its price target upped by equities research analysts at Morgan Stanley from $130.00 to $140.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 23.11% from the stock’s previous close.

A number of other brokerages have also weighed in on ESTC. Wedbush lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler raised their price objective on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada raised their price objective on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Scotiabank reduced their price objective on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Finally, Barclays raised their price objective on shares of Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $128.22.

Elastic Trading Up 12.3 %

Shares of NYSE:ESTC traded up $12.44 during mid-day trading on Friday, reaching $113.72. 2,496,926 shares of the company were exchanged, compared to its average volume of 1,294,364. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 206.06 and a beta of 1.07. The firm’s 50-day simple moving average is $105.85 and its 200 day simple moving average is $95.51. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The company had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Equities research analysts forecast that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Elastic in the fourth quarter valued at about $3,558,000. Jefferies Financial Group Inc. purchased a new stake in shares of Elastic in the fourth quarter valued at about $456,000. Infinitum Asset Management LLC purchased a new stake in shares of Elastic in the fourth quarter valued at about $6,936,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Elastic by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock valued at $2,963,000 after acquiring an additional 359 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic in the fourth quarter valued at about $26,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers 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 on that data.