Elastic (NYSE:ESTC) Price Target Raised to $150.00 at Citigroup

Elastic (NYSE:ESTC) had its target price raised by Citigroup from $136.00 to $150.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. DA Davidson increased their price target on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. Finally, Piper Sandler raised their price objective on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Price Performance

Shares of Elastic stock opened at $110.13 on Monday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm has a fifty day moving average price of $83.93 and a two-hundred day moving average price of $97.09. The company has a market cap of $11.32 billion, a PE ratio of 200.24 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating 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 firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the firm earned ($0.35) EPS. The business’s revenue was up 18.3% on a year-over-year basis. Analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value 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. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were 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 directly owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,551 shares of company stock valued at $20,506,656 in the last 90 days. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in Elastic by 256.3% in the third quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock valued at $28,387,000 after buying an additional 245,680 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Elastic by 239.1% in the third quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock worth $753,000 after purchasing an additional 6,915 shares in the last quarter. 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 worth $333,000 after purchasing an additional 2,467 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after purchasing an additional 50,355 shares in the last quarter. Finally, Vestcor Inc bought a new stake in shares of Elastic in the third quarter worth $1,919,000. 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.