Wells Fargo & Company Increases Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its target price boosted by research analysts at Wells Fargo & Company from $100.00 to $135.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 24.97% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research note on Friday. Canaccord Genuity Group dropped their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. TD Cowen decreased their target price 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. Wedbush upgraded shares of Elastic to a “hold” rating in a research note on Thursday, October 17th. Finally, DA Davidson decreased their price objective on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 30th. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Performance

Elastic stock opened at $108.03 on Friday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm’s 50 day simple moving average is $81.78 and its 200-day simple 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. The company has a market cap 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 results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. The firm’s revenue was up 18.3% compared to the same quarter last year. As a group, equities research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Shay Banon sold 2,666 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 value of $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % 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 ninety days. 15.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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