Canaccord Genuity Group Boosts Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC) had its target price boosted by research analysts at Canaccord Genuity Group from $110.00 to $130.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 19.68% from the company’s current price.

Several other research analysts have also weighed in on ESTC. Wells Fargo & Company upped their price target on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Truist Financial dropped their target price on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Citigroup upped their target price on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada upped their target price on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $115.67.

Elastic Trading Up 15.4 %

Shares of NYSE ESTC traded up $14.49 during mid-day trading on Friday, hitting $108.62. 5,250,550 shares of the company traded hands, compared to its average volume of 1,311,841. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 197.49 and a beta of 0.94. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The business has a 50 day moving average of $80.71 and a two-hundred day moving average of $97.05.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.35) earnings per share. On average, sell-side analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Carolyn Herzog sold 4,489 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last three months. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. 1832 Asset Management L.P. acquired a new position in Elastic in the second quarter valued at about $248,335,000. FMR LLC boosted its position in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Elastic during the second quarter worth about $102,169,000. Atreides Management LP boosted its position 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 buying an additional 614,309 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Elastic by 32,630.2% during the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.