Wells Fargo & Company Raises Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its target price increased by Wells Fargo & Company from $100.00 to $135.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently commented on ESTC. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and increased their price target for the company from $95.00 to $135.00 in a research note on Friday. Oppenheimer raised their target price on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Stifel Nicolaus reduced their price target on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a report on Friday, August 30th. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday. Finally, Scotiabank reduced their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Price Performance

Shares of NYSE ESTC opened at $108.03 on Friday. 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 business has a 50-day moving average of $81.78 and a 200-day moving average of $96.91. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results 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 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 the consensus estimate of $344.67 million. During the same period last year, the company earned ($0.35) earnings per share. The business’s revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. This trade represents a 3.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 in the last three months. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Asset Dedication LLC increased its position in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new position in Elastic during the 2nd quarter worth $40,000. Quarry LP acquired a new position in shares of Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic in the 2nd quarter valued at $43,000. Finally, Signaturefd LLC boosted its position in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors 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.