Guggenheim Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price raised by equities researchers at Guggenheim from $100.00 to $120.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 11.08% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Baird R W downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Barclays lifted their price objective on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler increased their target price on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group raised their target price on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Bank of America upped their price target on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Up 14.8 %

ESTC stock opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. 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 1-year low of $69.00 and a 1-year high of $136.06. The business has a fifty day moving average price of $81.78 and a 200-day moving average price of $97.04.

Elastic (NYSE:ESTC) last issued 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. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. Elastic’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.35) EPS. Equities analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

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. Over the last quarter, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently added to or reduced their stakes in ESTC. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic during the second quarter valued at $40,000. Quarry LP purchased a new stake in Elastic during the second quarter valued at $40,000. Lynx Investment Advisory bought a new position in Elastic during the second quarter valued at $43,000. Finally, Signaturefd LLC grew its stake in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares in the last quarter. Hedge funds and other 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.