Barclays Raises Elastic (NYSE:ESTC) Price Target to $105.00

Elastic (NYSE:ESTC) had its price target lifted by Barclays from $95.00 to $105.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also weighed in on ESTC. Jefferies Financial Group reduced their price objective on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Oppenheimer cut their price target on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. Wells Fargo & Company cut their price target on shares of Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research note on Tuesday, October 8th. Finally, Piper Sandler cut their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.19.

Elastic Stock Down 3.3 %

Elastic stock opened at $86.32 on Friday. The company’s 50 day simple moving average is $79.81 and its 200 day simple moving average is $97.38. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 156.95 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 (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter last year, the firm earned ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, 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 acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Shay Banon sold 2,666 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 $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, 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 large investors have recently modified their holdings of the stock. Advisors Asset Management Inc. raised its position in shares of Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares during the period. Signaturefd LLC grew its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. M&T Bank Corp grew its stake in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares in the last quarter. QRG Capital Management Inc. grew its stake in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Elastic by 3.3% in the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after acquiring an additional 219 shares in the last quarter. 97.03% of the stock is owned by 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.