Piper Sandler Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price boosted by Piper Sandler from $100.00 to $130.00 in a report released on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the company. The Goldman Sachs Group upped their target price on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Scotiabank reduced their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Wedbush upgraded shares of Elastic to a “hold” rating in a research report on Thursday, October 17th. Citigroup increased their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research report on Wednesday, November 20th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.8 %

ESTC stock opened at $108.03 on Friday. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The company’s 50-day simple moving average is $81.78 and its 200 day simple moving average is $96.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

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

Insider Buying and Selling

In other news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now owns 195,550 shares in the company, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 in the last three months. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently bought and sold shares of ESTC. Russell Investments Group Ltd. raised its position in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after acquiring an additional 15,659 shares in the last quarter. ProShare Advisors LLC lifted its stake in Elastic by 24.6% in the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after buying an additional 441 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of Elastic during the 1st quarter worth approximately $5,780,000. Finally, Lazard Asset Management LLC grew its position in shares of Elastic by 44.1% during the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after buying an additional 1,179 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.