Elastic (NYSE:ESTC) Stock Price Expected to Rise, Barclays Analyst Says

Elastic (NYSE:ESTC) had its price objective lifted by equities researchers at Barclays from $95.00 to $105.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 21.64% from the company’s current price.

Several other analysts have also weighed in on the stock. UBS Group decreased their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Guggenheim began coverage on shares of Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Piper Sandler reduced their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 30th. Truist Financial reduced their price target on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $104.19.

Elastic Stock Performance

NYSE:ESTC opened at $86.32 on Friday. The firm’s 50-day moving average is $79.81 and its 200-day moving average is $97.44. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 156.95 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, topping the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) EPS. The business’s revenue was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the transaction, the chief financial officer now owns 195,550 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by insiders.

Institutional Trading of Elastic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its holdings in shares of Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after buying an additional 139 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after buying an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after buying an additional 219 shares in the last quarter. 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.