Elastic (NYSE:ESTC) Given New $138.00 Price Target at Barclays

Elastic (NYSE:ESTC) had its target price increased by Barclays from $105.00 to $138.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

ESTC has been the subject of a number of other reports. Guggenheim increased their price target on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Citigroup increased their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Stifel Nicolaus upped their price objective on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Truist Financial upped their price objective on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Price Performance

ESTC stock opened at $110.13 on Monday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a market cap of $11.32 billion, a P/E ratio of 200.24 and a beta of 0.94. The firm has a 50-day moving average of $83.93 and a 200 day moving average of $97.09. 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 (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 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 company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. On average, sell-side analysts forecast that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of Elastic stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the completion of the sale, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This trade represents a 5.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,551 shares of company stock valued at $20,506,656. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ESTC. 1832 Asset Management L.P. purchased a new position in shares of Elastic during the 2nd quarter worth $248,335,000. FMR LLC boosted its stake in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after acquiring an additional 1,115,750 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Elastic during the 2nd quarter worth $102,169,000. Atreides Management LP boosted its stake in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Elastic by 32,630.2% during the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after acquiring an additional 613,774 shares during the last quarter. Hedge funds and other institutional investors 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.