Scotiabank Increases Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its price target increased by Scotiabank from $92.00 to $135.00 in a research report released on Friday,Benzinga reports. They currently have a sector outperform rating on the stock.

ESTC has been the subject of several other reports. Oppenheimer increased their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company lifted their target price on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Piper Sandler increased their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Elastic in a report on Wednesday. Finally, UBS Group cut their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of Elastic stock opened at $107.94 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The stock has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94. The firm’s fifty day simple moving average is $81.13 and its 200-day simple moving average is $97.04.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter last year, the company posted ($0.35) earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. As a group, equities analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently made changes to their positions in ESTC. Russell Investments Group Ltd. raised its position in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after buying an additional 15,659 shares during the period. ProShare Advisors LLC raised its holdings in shares of Elastic by 24.6% in the 1st quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock worth $224,000 after purchasing an additional 441 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Elastic by 12.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of Elastic during the 1st quarter worth about $5,780,000. Finally, Lazard Asset Management LLC grew its holdings in shares of Elastic by 44.1% during the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after purchasing an additional 1,179 shares during the period. Institutional investors and hedge funds 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.