Elastic (NYSE:ESTC) Stock Price Expected to Rise, DA Davidson Analyst Says

Elastic (NYSE:ESTC) had its price objective increased by DA Davidson from $75.00 to $115.00 in a report released on Friday,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

Several other brokerages also recently commented on ESTC. Baird R W downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Piper Sandler lifted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday. Citigroup lifted their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Oppenheimer lifted their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Wedbush raised Elastic to a “hold” rating in a research report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Up 3.2 %

Shares of ESTC stock opened at $111.45 on Friday. The stock’s 50 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 quick ratio of 1.91 and a current ratio of 1.91. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued 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 negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period last year, the business earned ($0.35) EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. As a group, research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of Elastic 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 sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last three months. 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 ESTC. Advisors Asset Management Inc. grew its position in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares during the last quarter. Signaturefd LLC grew its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. M&T Bank Corp grew its position in Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after buying an additional 201 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in shares of Elastic by 3.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after buying an additional 219 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.