Oppenheimer Raises Elastic (NYSE:ESTC) Price Target to $140.00

Elastic (NYSE:ESTC) had its target price upped by investment analysts at Oppenheimer from $125.00 to $140.00 in a research report issued on Friday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 29.59% from the company’s current price.

A number of other analysts also recently weighed in on ESTC. Stifel Nicolaus dropped their target price on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 target price on shares of Elastic in a report on Wednesday. DA Davidson decreased their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 30th. Guggenheim assumed coverage on shares of Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Finally, Truist Financial cut their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Trading Up 14.8 %

Shares of ESTC stock opened at $108.03 on Friday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company’s fifty day simple moving average is $81.78 and its two-hundred 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 stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94.

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

Insider Buying and Selling at Elastic

In other news, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now 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. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. lifted its holdings in shares of Elastic by 12.7% in 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 grew its holdings 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 purchasing an additional 119 shares in the last quarter. M&T Bank Corp raised its stake in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after purchasing an additional 139 shares in the last quarter. QRG Capital Management Inc. grew its position in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after acquiring an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position 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. 97.03% of the stock is currently owned by institutional investors.

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.