Barclays Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective increased by Barclays from $105.00 to $138.00 in a research report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms also recently issued reports on ESTC. Piper Sandler raised their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Guggenheim lifted their target price on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. UBS Group reduced their price target on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $95.00 to $135.00 in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Performance

NYSE ESTC opened at $110.13 on Monday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The stock has a market cap of $11.32 billion, a PE ratio of 204.47 and a beta of 0.94. 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 firm’s fifty day moving average price is $83.22 and its two-hundred day moving average price is $96.99.

Elastic (NYSE:ESTC) last issued its quarterly earnings data 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 business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the company posted ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, equities analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, 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 value of $1,380,342.25. Following the sale, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of Elastic 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 completion of the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 198,551 shares of company stock valued at $20,506,656. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Asset Dedication LLC boosted its position in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new stake in Elastic in the 2nd quarter worth approximately $40,000. Quarry LP bought a new position in Elastic in the 2nd quarter valued at $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic during the 2nd quarter valued at $43,000. Finally, Signaturefd LLC increased its holdings in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 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.