Elastic (NYSE:ESTC) Price Target Raised to $113.00 at The Goldman Sachs Group

Elastic (NYSE:ESTC) had its price target increased by The Goldman Sachs Group from $99.00 to $113.00 in a report published on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other research analysts have also recently issued reports about the stock. Oppenheimer increased their price objective on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 target price on shares of Elastic in a research note on Wednesday. Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. TD Cowen reduced their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Finally, Piper Sandler dropped their target price on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC stock opened at $107.94 on Friday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. 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 firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94. The business has a 50 day simple moving average of $81.13 and a 200 day simple moving average of $97.04.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) earnings per share. On average, equities research analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the transaction, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last ninety days. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ESTC. Virtu Financial LLC raised its holdings in Elastic by 131.9% in the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock worth $333,000 after acquiring an additional 2,467 shares during the period. Geode Capital Management LLC grew its position in shares of Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after purchasing an additional 50,355 shares during the last quarter. Vestcor Inc acquired a new position in shares of Elastic during the 3rd quarter worth about $1,919,000. M&T Bank Corp boosted its stake in Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after purchasing an additional 139 shares during the period. Finally, Barclays PLC grew its holdings in Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after buying an additional 55,084 shares during the last quarter. 97.03% of the stock is currently 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.