JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price target increased by investment analysts at JPMorgan Chase & Co. from $100.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.34% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. Truist Financial lowered their price objective on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Piper Sandler lowered their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Barclays increased their price objective on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Scotiabank decreased their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Finally, Stifel Nicolaus increased their price target on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.8 %

Shares of NYSE:ESTC opened at $108.03 on Friday. The business’s 50-day moving average is $81.78 and its 200 day moving average is $97.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) 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 the consensus estimate of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. 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 company posted ($0.35) earnings per share. On average, research analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Carolyn Herzog sold 4,489 shares of the business’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 value of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Mark Eugene Dodds sold 3,661 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 value of $257,185.25. Following the transaction, the executive now directly owns 102,683 shares of the company’s stock, valued at approximately $7,213,480.75. The trade was a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last ninety days. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors have recently modified their holdings of ESTC. Asset Dedication LLC raised its position in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic during the 2nd quarter worth approximately $40,000. Quarry LP acquired a new position in shares of Elastic during the second quarter valued at approximately $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic in the second quarter valued at approximately $43,000. Finally, Signaturefd LLC boosted its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.