Elastic (NYSE:ESTC) Receives $104.24 Average Target Price from Analysts

Elastic (NYSE:ESTC) has been assigned an average rating of “Moderate Buy” from the twenty-three brokerages that are covering the company, MarketBeat.com reports. Nine investment analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $103.48.

A number of equities analysts have recently issued reports on ESTC shares. Canaccord Genuity Group lowered their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Rosenblatt Securities reissued a “buy” rating and set a $136.00 price objective on shares of Elastic in a research report on Tuesday, August 27th. Truist Financial reduced their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $140.00 to $94.00 in a report on Friday, August 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of Elastic in a research report on Friday, August 30th.

Elastic Price Performance

Shares of NYSE:ESTC opened at $76.39 on Wednesday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The firm has a market capitalization of $7.77 billion, a P/E ratio of 144.13 and a beta of 0.95. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The company’s fifty day moving average price is $97.52 and its 200 day moving average price is $103.00.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. As a group, sell-side analysts predict that Elastic will post -0.94 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 9,664 shares of Elastic stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the transaction, the chief executive officer now owns 452,297 shares of the company’s stock, valued at approximately $49,698,394.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Shay Banon sold 120,000 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $109.48, for a total value of $13,137,600.00. Following the completion of the transaction, the chief technology officer now directly owns 2,754,978 shares of the company’s stock, valued at $301,614,991.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 9,664 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $109.88, for a total value of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares in the company, valued at $49,698,394.36. The disclosure for this sale can be found here. Insiders sold a total of 167,070 shares of company stock worth $16,827,252 over the last 90 days. 18.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Elastic by 226.3% during the fourth quarter. Principal Financial Group Inc. now owns 31,405 shares of the company’s stock worth $3,539,000 after acquiring an additional 21,781 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Elastic by 10.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,403 shares of the company’s stock valued at $609,000 after purchasing an additional 523 shares during the period. Brown Advisory Inc. grew its holdings in Elastic by 40.1% in the 4th quarter. Brown Advisory Inc. now owns 34,804 shares of the company’s stock valued at $3,922,000 after buying an additional 9,960 shares during the period. Norges Bank acquired a new position in Elastic during the fourth quarter worth approximately $92,847,000. Finally, PNC Financial Services Group Inc. raised its stake in Elastic by 8.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock worth $278,000 after purchasing an additional 185 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.