Elastic (NYSE:ESTC) Given New $135.00 Price Target at Scotiabank

Elastic (NYSE:ESTC) had its price objective lifted by analysts at Scotiabank from $92.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 24.97% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Jefferies Financial Group boosted their target price on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price target on shares of Elastic in a research note on Wednesday. Guggenheim boosted their price objective on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Finally, TD Cowen decreased their target price on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Six 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.8 %

Shares of NYSE:ESTC opened at $108.03 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company’s 50-day moving average price is $81.78 and its 200 day moving average price is $97.04. The company has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business’s revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.35) earnings per share. Sell-side analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Transactions at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last 90 days. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Asset Dedication LLC lifted its position in 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 during the last quarter. AlphaCentric Advisors LLC acquired a new position in shares of Elastic during the 2nd quarter worth about $40,000. Quarry LP bought a new stake in Elastic during the 2nd quarter valued at approximately $40,000. Lynx Investment Advisory acquired a new stake in Elastic in the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC increased its position in 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 during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

About Elastic

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.