Elastic (NYSE:ESTC) Price Target Raised to $132.00

Elastic (NYSE:ESTC) had its price target increased by equities research analysts at Stifel Nicolaus from $98.00 to $132.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 22.19% from the company’s current price.

A number of other analysts have also issued reports on the company. TD Cowen decreased their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Rosenblatt Securities reissued a “buy” rating and issued a $120.00 price target on shares of Elastic in a report on Wednesday. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $95.00 to $135.00 in a research note on Friday. Citigroup increased their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Truist Financial reduced their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.8 %

Shares of Elastic stock opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock’s 50-day simple moving average is $81.78 and its 200 day simple moving average is $97.04.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. Elastic’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.35) EPS. As a group, research analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In related news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 in the last ninety days. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Advisors Asset Management Inc. grew its stake in shares of Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC grew its position in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the last quarter. M&T Bank Corp increased its stake in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after buying an additional 139 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Elastic by 3.3% in the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after acquiring an additional 219 shares during the period. 97.03% of the stock is owned by institutional investors.

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.