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

Elastic (NYSE:ESTC) had its target price raised by Guggenheim from $100.00 to $120.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. Barclays lifted their target price on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $135.00 in a report on Friday. Finally, Canaccord Genuity Group lifted their target price on shares of Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.33.

Elastic Price Performance

Elastic stock opened at $111.45 on Friday. The firm has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. 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 is $81.78 and its two-hundred day moving average is $96.91.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period last year, the business earned ($0.35) EPS. The company’s revenue was up 18.3% on a year-over-year basis. On average, research analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 2,666 shares of the 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 $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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. Over the last ninety days, insiders sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. 1832 Asset Management L.P. bought a new position in shares of Elastic during the second quarter valued at $248,335,000. FMR LLC lifted its holdings in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Elastic during the second quarter valued at $102,169,000. Atreides Management LP lifted its holdings in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after acquiring an additional 613,774 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.