Elastic (NYSE:ESTC) Given New $115.00 Price Target at DA Davidson

Elastic (NYSE:ESTC) had its price objective boosted by investment analysts at DA Davidson from $75.00 to $115.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price target indicates a potential upside of 6.45% from the stock’s previous close.

ESTC has been the subject of several other research reports. Guggenheim lifted their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday. TD Cowen reduced their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Scotiabank increased their target price on Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday. Citigroup boosted their price target on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, Wells Fargo & Company lifted their target price on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Seven analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Performance

Elastic stock traded up $13.90 during midday trading on Friday, reaching $108.03. 7,698,278 shares of the company’s stock were exchanged, compared to its average volume of 1,323,133. 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 $81.13 and its 200 day simple moving average is $97.04. The firm has a market cap of $11.10 billion, a price-to-earnings 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.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period in the previous year, the company posted ($0.35) EPS. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other Elastic news, CTO Shay Banon sold 2,666 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 value of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul R. Auvil III purchased 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the business. Toronto Dominion Bank bought a new stake in Elastic in the first quarter valued at approximately $5,780,000. Interval Partners LP bought a new stake in shares of Elastic in the 1st quarter valued at $1,704,000. Russell Investments Group Ltd. increased its position in shares of Elastic by 993.0% during the first 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. Fifth Third Wealth Advisors LLC bought a new position in Elastic during the third quarter worth $1,262,000. Finally, WD Rutherford LLC acquired a new position in Elastic in the second quarter valued at $422,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Elastic

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.