JPMorgan Chase & Co. Boosts Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $100.00 to $130.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 15.27% from the stock’s previous close.

ESTC has been the topic of several other research reports. The Goldman Sachs Group boosted their target price on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler cut their target price on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price target on shares of Elastic in a research report on Wednesday. Truist Financial cut their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Finally, William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.14.

Elastic Stock Up 19.8 %

Elastic stock traded up $18.65 during mid-day trading on Friday, reaching $112.78. 3,119,653 shares of the company were exchanged, compared to its average volume of 1,302,963. 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 firm has a market cap of $11.59 billion, a P/E ratio of 204.49 and a beta of 0.94. The business has a fifty day moving average of $80.71 and a 200 day moving average of $97.05. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06.

Elastic (NYSE:ESTC) last posted its 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. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the company posted ($0.35) earnings per share. Elastic’s revenue for the quarter was up 18.3% compared to the same quarter last year. Research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 of the company’s stock, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders 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

Several institutional investors have recently modified their holdings of the business. FMR LLC boosted its holdings in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. 1832 Asset Management L.P. acquired a new stake in Elastic in the 2nd quarter valued at about $248,335,000. Atreides Management LP boosted its stake in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. State Street Corp grew its position in shares of Elastic by 2.3% during the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after buying an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Elastic by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after buying an additional 50,355 shares during the period. 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.