Royal Bank of Canada Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price raised by Royal Bank of Canada from $110.00 to $130.00 in a research report released on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

ESTC has been the topic of several other research reports. Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Friday. Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. DA Davidson cut their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, August 30th. William Blair upgraded Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Scotiabank cut their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Six equities research 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’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

Shares of NYSE ESTC opened at $107.94 on Friday. The business’s 50-day simple moving average is $81.13 and its 200-day simple moving average is $97.04. 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 firm has a market cap of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its quarterly earnings data 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 net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the company earned ($0.35) earnings per share. Elastic’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, equities research analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were 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 owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 over the last ninety days. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently bought and sold shares of ESTC. Virtu Financial LLC lifted its position in shares of Elastic by 131.9% in the third quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock valued at $333,000 after buying an additional 2,467 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Elastic by 3.7% during the 3rd 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. Vestcor Inc acquired a new stake in Elastic during the third quarter worth approximately $1,919,000. 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 worth $357,000 after purchasing an additional 139 shares during the period. Finally, Barclays PLC lifted its holdings in Elastic by 56.2% during the 3rd quarter. Barclays PLC now owns 153,155 shares of the company’s stock worth $11,757,000 after purchasing an additional 55,084 shares during the last quarter. Institutional investors 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.