Bank of America Increases Elastic (NYSE:ESTC) Price Target to $185.00

Elastic (NYSE:ESTC) had its price target boosted by Bank of America from $184.00 to $185.00 in a research report sent to investors on Thursday morning, The Fly reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the stock. Stifel Nicolaus upped their price objective on shares of Elastic from $180.00 to $200.00 and gave the stock a buy rating in a report on Thursday, August 26th. Sumitomo Mitsui Financial Group downgraded shares of Elastic from an outperform rating to a neutral rating in a report on Friday, November 19th. Rosenblatt Securities increased their price target on shares of Elastic from $180.00 to $185.00 and gave the company a buy rating in a report on Thursday, August 26th. Oppenheimer increased their price target on shares of Elastic from $170.00 to $185.00 and gave the company an outperform rating in a report on Thursday, August 26th. Finally, Royal Bank of Canada increased their price target on shares of Elastic from $194.00 to $200.00 and gave the company an outperform rating in a report on Thursday, August 26th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Elastic presently has a consensus rating of Buy and a consensus price target of $183.75.

ESTC stock opened at $112.67 on Thursday. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of -62.59 and a beta of 1.18. Elastic has a 12 month low of $97.89 and a 12 month high of $189.84. The firm has a 50 day moving average of $163.20 and a two-hundred day moving average of $152.70.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Wednesday, December 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. The business had revenue of $206.00 million during the quarter, compared to the consensus estimate of $194.57 million. Elastic had a negative net margin of 22.18% and a negative return on equity of 29.13%. Elastic’s quarterly revenue was up 42.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) EPS. On average, research analysts expect that Elastic will post -1.85 EPS for the current fiscal year.

In other news, CEO Shay Banon sold 69,985 shares of the firm’s stock in a transaction dated Monday, October 18th. The shares were sold at an average price of $170.48, for a total value of $11,931,042.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven Schuurman sold 500,000 shares of the firm’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $165.35, for a total transaction of $82,675,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 758,740 shares of company stock valued at $126,624,070 in the last quarter. 20.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Total Clarity Wealth Management Inc. acquired a new stake in Elastic during the 3rd quarter worth approximately $35,000. Berman Capital Advisors LLC raised its holdings in Elastic by 84.5% during the 3rd quarter. Berman Capital Advisors LLC now owns 321 shares of the company’s stock worth $47,000 after buying an additional 147 shares during the period. Sandy Spring Bank acquired a new stake in Elastic during the 3rd quarter worth approximately $56,000. Cullen Frost Bankers Inc. acquired a new stake in Elastic during the 3rd quarter worth approximately $104,000. Finally, Rockefeller Capital Management L.P. raised its holdings in Elastic by 8.8% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 916 shares of the company’s stock worth $136,000 after buying an additional 74 shares during the period. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Elastic Company Profile

Elastic NV engages in the provision of open source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured; Kibana, a user interface, management, and configuration interface for the Elastic Stack; Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash; and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.

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