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

Elastic (NYSE:ESTC) had its price target raised by equities research analysts at Truist Financial from $105.00 to $135.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 24.97% from the company’s current price.

A number of other research analysts also recently commented on ESTC. JPMorgan Chase & Co. lifted their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup lifted their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Canaccord Genuity Group upped their price objective on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer boosted their target price on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Finally, William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Six 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Price Performance

Shares of NYSE ESTC opened at $108.03 on Friday. 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 business has a 50-day moving average of $81.78 and a 200-day moving average of $97.04. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period last year, the company earned ($0.35) earnings per share. The business’s revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 4,489 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 transaction of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last 90 days. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of large investors have recently modified their holdings of ESTC. Advisors Asset Management Inc. lifted its position in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares during the last quarter. Signaturefd LLC raised its stake in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 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.