Elastic (NYSE:ESTC) Price Target Raised to $120.00

Elastic (NYSE:ESTC) had its target price boosted by Bank of America from $94.00 to $120.00 in a research note issued to investors on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other analysts also recently issued reports on the company. UBS Group reduced their price objective on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Rosenblatt Securities restated a “buy” rating and set a $120.00 price target on shares of Elastic in a research note on Wednesday, November 20th. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price objective for the company. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company lowered their price objective on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Six investment 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, the company has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Up 14.8 %

NYSE:ESTC opened at $108.03 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm’s 50-day moving average price is $81.78 and its 200-day moving average price is $96.91. The company has a market capitalization of $11.10 billion, a PE 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 posted its quarterly earnings results 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. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the firm earned ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, equities analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the firm’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 $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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. This represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 over the last 90 days. 15.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds have recently modified their holdings of the stock. 1832 Asset Management L.P. acquired a new stake in shares of Elastic in the 2nd quarter worth $248,335,000. FMR LLC raised its position in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after acquiring an additional 1,115,750 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Elastic in the second quarter valued at $102,169,000. Atreides Management LP boosted its position in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares during the period. 97.03% of the stock is 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.