Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its target price boosted by Jefferies Financial Group from $110.00 to $135.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on ESTC. JPMorgan Chase & Co. upped their target price on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer boosted their target price on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company lifted their price objective on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday. DA Davidson dropped their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 30th. Finally, Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $95.00 to $135.00 in a research report on Friday. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Stock Up 3.2 %

Shares of ESTC opened at $111.45 on Friday. The stock has a 50 day moving average price of $81.78 and a 200 day moving average price of $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. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping 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 company posted ($0.35) EPS. The business’s revenue was up 18.3% on a year-over-year basis. Equities research analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired 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 $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 2,666 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 value of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale 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 Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC increased its stake in Elastic by 25.6% in 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. 1832 Asset Management L.P. acquired a new position in shares of Elastic in the 2nd quarter worth approximately $248,335,000. Atreides Management LP lifted its position in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares during the period. State Street Corp lifted its position in shares of Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after buying an additional 31,663 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after buying an additional 50,355 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

About Elastic

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.