Scotiabank Increases Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its target price hoisted by Scotiabank from $92.00 to $135.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 24.97% from the company’s previous close.

Other research analysts have also issued reports about the stock. Piper Sandler upped their target price on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group boosted their price target on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Stifel Nicolaus increased their target price on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Oppenheimer upped their price objective on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

NYSE:ESTC opened at $108.03 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average price of $81.78 and a two-hundred day moving average price of $97.04.

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

Insider Transactions at Elastic

In related news, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 2,666 shares of the company’s 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 directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by insiders.

Institutional Trading of Elastic

Several institutional investors and hedge funds have recently bought and sold shares of ESTC. 1832 Asset Management L.P. acquired a new stake in shares of Elastic during the second quarter worth $248,335,000. FMR LLC grew its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Elastic during the second quarter worth about $102,169,000. Atreides Management LP lifted its holdings in Elastic by 57.2% in the third 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 Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after acquiring an additional 613,774 shares during the period. Institutional investors and hedge funds 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.