Elastic (NYSE:ESTC) Stock Price Up 6.7% – Should You Buy?

Elastic (NYSE:ESTC)’s stock price shot up 6.7% during trading on Tuesday . The stock traded as high as $97.12 and last traded at $97.27. 1,375,992 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 1,295,755 shares. The stock had previously closed at $91.18.

Analysts Set New Price Targets

A number of analysts have weighed in on ESTC shares. JPMorgan Chase & Co. boosted their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. DA Davidson raised their price objective on Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Baird R W raised Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Canaccord Genuity Group lifted their price target on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Morgan Stanley upped their price objective on Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $131.52.

Elastic Stock Performance

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a fifty day simple moving average of $106.00 and a two-hundred day simple moving average of $95.13. The firm has a market capitalization of $10.16 billion, a P/E ratio of 176.85 and a beta of 1.20.

Elastic (NYSE:ESTC) last released its quarterly earnings data 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 during 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 predict that Elastic will post -0.77 EPS for the current year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the sale, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 172,814 shares of company stock worth $18,596,060. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

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