Truist Financial Raises Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its price objective raised by Truist Financial from $105.00 to $135.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the company. TD Cowen cut their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday. Guggenheim raised their price objective on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Citigroup lifted their target price on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler increased their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.8 %

Shares of Elastic stock opened at $108.03 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company’s fifty 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 current ratio of 1.91 and a quick ratio of 1.91. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94.

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

Insider Transactions at Elastic

In related news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. This trade represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul R. Auvil III acquired 20,000 shares of the firm’s 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 completion of the transaction, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last three months. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

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

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.