Canaccord Genuity Group Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective upped by Canaccord Genuity Group from $110.00 to $130.00 in a research report released on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

ESTC has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank dropped their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. TD Cowen dropped their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. DA Davidson dropped their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Finally, Guggenheim started coverage on shares of Elastic in a report on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Up 14.8 %

Elastic stock opened at $108.03 on Friday. The company’s 50 day simple moving average is $81.78 and its 200 day simple moving average is $96.91. 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 $11.10 billion, a price-to-earnings 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 (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. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.35) EPS. As a group, sell-side analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This trade represents a 4.18 % 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 worth $2,627,772. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC boosted its position in Elastic by 131.9% during 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 during the period. Geode Capital Management LLC boosted its position in Elastic by 3.7% during 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 during the period. Vestcor Inc bought a new position in Elastic during the third quarter worth $1,919,000. M&T Bank Corp boosted its position in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. Finally, Barclays PLC boosted its position in Elastic by 56.2% during the third quarter. Barclays PLC now owns 153,155 shares of the company’s stock worth $11,757,000 after purchasing an additional 55,084 shares during the period. 97.03% of the stock is owned by institutional investors.

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.