Oppenheimer Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective hoisted by Oppenheimer from $125.00 to $140.00 in a research report report published on Friday, MarketBeat reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Bank of America boosted their target price on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Scotiabank cut their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 30th. Wells Fargo & Company reduced their target price on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 30th. Stifel Nicolaus decreased their target price on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, Jefferies Financial Group cut their price target on Elastic from $140.00 to $110.00 and set a “buy” 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 given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Performance

ESTC stock opened at $107.94 on Friday. The firm has a market cap of $11.09 billion, a PE ratio of 196.25 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average price of $81.13 and a 200-day moving average price of $97.04. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

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

Insider Transactions at Elastic

In other news, CFO Janesh Moorjani sold 6,941 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 $487,605.25. Following the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at $13,737,387.50. The trade was a 3.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last 90 days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC raised its stake in 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 acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the second quarter valued at approximately $40,000. Quarry LP purchased a new stake in shares of Elastic during the 2nd quarter valued at approximately $40,000. Lynx Investment Advisory purchased a new stake in shares of Elastic during the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC boosted its holdings in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. Institutional investors 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.