Oppenheimer Raises Elastic (NYSE:ESTC) Price Target to $140.00

Elastic (NYSE:ESTC) had its price objective increased by Oppenheimer from $125.00 to $140.00 in a research report report published on Friday, MarketBeat reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on ESTC. Bank of America raised their price target on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Wells Fargo & Company dropped their target price on Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. TD Cowen decreased their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. UBS Group dropped their price objective on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.33.

Elastic Price Performance

Shares of NYSE ESTC opened at $111.45 on Friday. The firm’s 50-day moving average price is $81.78 and its 200-day moving average price is $96.91. The firm has a market capitalization of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last issued 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 negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. Elastic’s revenue for the quarter was up 18.3% on a year-over-year basis. Equities research analysts anticipate 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 bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 over the last ninety days. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the period. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the 2nd quarter valued at about $248,335,000. Atreides Management LP grew its holdings in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. State Street Corp increased its position in shares of Elastic by 2.3% in the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after purchasing an additional 31,663 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after purchasing an additional 50,355 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.