Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its price target increased by research analysts at Scotiabank from $92.00 to $135.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 25.19% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Friday. Barclays increased their price target on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Wells Fargo & Company increased their target price on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday. DA Davidson lowered their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, August 30th. Finally, Guggenheim upped their price objective on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $120.10.

Elastic Price Performance

ESTC traded up $13.71 during trading on Friday, hitting $107.84. 5,559,594 shares of the stock traded hands, compared to its average volume of 1,313,711. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a market cap of $11.08 billion, a price-to-earnings ratio of 196.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The business has a 50 day moving average price of $80.71 and a 200 day moving average price of $97.05.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm 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. The business’s revenue was up 18.3% on a year-over-year basis. Equities research analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the company’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 $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares in the company, valued at $13,737,387.50. The trade was a 3.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Asset Dedication LLC lifted its stake in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new stake in Elastic during the second quarter valued at approximately $40,000. Quarry LP acquired a new stake in shares of Elastic during the 2nd quarter worth about $40,000. Lynx Investment Advisory bought a new position in Elastic in the 2nd quarter valued at $43,000. Finally, Signaturefd LLC grew its stake in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.