Elastic (NYSE:ESTC) Given New $135.00 Price Target at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price objective hoisted by analysts at Canaccord Genuity Group from $130.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 16.00% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Scotiabank dropped their price target on Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, January 21st. DA Davidson increased their target price on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Jefferies Financial Group raised their target price on shares of Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Truist Financial upped their price target on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and a consensus price target of $131.09.

Elastic Trading Up 14.9 %

ESTC stock opened at $116.38 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The firm’s 50-day moving average is $106.11 and its 200 day moving average is $95.52. The company has a market capitalization of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, research analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Elastic during the 4th quarter worth about $3,558,000. Jefferies Financial Group Inc. purchased a new position in shares of Elastic in the fourth quarter worth about $456,000. Infinitum Asset Management LLC acquired a new stake in shares of Elastic during the fourth quarter worth about $6,936,000. Public Employees Retirement System of Ohio boosted its position in Elastic by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock valued at $2,963,000 after buying an additional 359 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in Elastic in the fourth quarter valued at approximately $26,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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.