Elastic (NYSE:ESTC) Price Target Raised to $130.00

Elastic (NYSE:ESTC) had its price objective lifted by Piper Sandler from $100.00 to $130.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently weighed in on ESTC. Stifel Nicolaus raised their target price on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday. Barclays lifted their target price on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday. Guggenheim started coverage on Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price objective on the stock. Finally, Royal Bank of Canada increased their price objective on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.7 %

Shares of ESTC opened at $107.94 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm’s 50-day moving average price is $81.13 and its 200-day moving average price is $97.04. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share 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 the consensus estimate of $344.67 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. Sell-side analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director Paul R. Auvil III purchased 20,000 shares of Elastic stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 over the last three months. 15.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its position in Elastic by 993.0% during the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares during the last quarter. ProShare Advisors LLC lifted 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 valued at $224,000 after acquiring an additional 441 shares during the last quarter. Advisors Asset Management Inc. grew its position in 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 acquiring an additional 119 shares in the last quarter. Toronto Dominion Bank purchased a new stake in Elastic during the first quarter valued at approximately $5,780,000. Finally, Lazard Asset Management LLC lifted its stake in shares of Elastic by 44.1% in the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after purchasing an additional 1,179 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other 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.