Elastic (NYSE:ESTC) PT Raised to $160.00

Elastic (NYSE:ESTC) had its target price boosted by equities researchers at Citigroup from $155.00 to $160.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 54.44% from the stock’s current price.

ESTC has been the subject of several other reports. Canaccord Genuity Group reduced their price target on Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Stifel Nicolaus reduced their price target on Elastic from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, May 31st. JPMorgan Chase & Co. reduced their price target on Elastic from $138.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 24th. UBS Group started coverage on Elastic in a research report on Wednesday, May 22nd. They set a “buy” rating and a $135.00 target price on the stock. Finally, Bank of America reduced their target price on Elastic from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and an average price target of $121.11.

Elastic Price Performance

Shares of ESTC stock opened at $103.60 on Wednesday. Elastic has a twelve month low of $59.30 and a twelve month high of $136.06. The stock has a market capitalization of $10.54 billion, a price-to-earnings ratio of 195.47 and a beta of 0.98. The stock has a fifty day simple moving average of $110.35 and a two-hundred day simple moving average of $108.82. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.03). Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. The firm had revenue of $335.00 million during the quarter, compared to analysts’ expectations of $329.15 million. On average, analysts predict that Elastic will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the transaction, the chief executive officer now directly owns 452,297 shares in the company, valued at $49,698,394.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Mark Eugene Dodds sold 3,457 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $110.78, for a total value of $382,966.46. Following the transaction, the executive now owns 82,498 shares of the company’s stock, valued at $9,139,128.44. The disclosure for this sale can be found here. Insiders sold a total of 355,312 shares of company stock valued at $38,626,610 over the last quarter. 18.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ESTC. International Assets Investment Management LLC purchased a new stake in Elastic during the 4th quarter worth about $25,660,000. Federated Hermes Inc. increased its holdings in Elastic by 2,474.2% during the 4th quarter. Federated Hermes Inc. now owns 2,291 shares of the company’s stock worth $258,000 after purchasing an additional 2,202 shares during the period. CWM LLC increased its holdings in Elastic by 5.9% during the 4th quarter. CWM LLC now owns 4,924 shares of the company’s stock worth $555,000 after purchasing an additional 276 shares during the period. California Public Employees Retirement System increased its holdings in Elastic by 15.4% during the 4th quarter. California Public Employees Retirement System now owns 131,731 shares of the company’s stock worth $14,846,000 after purchasing an additional 17,588 shares during the period. Finally, GAMMA Investing LLC purchased a new stake in Elastic during the 4th quarter worth about $39,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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.