Elastic (NYSE:ESTC) Price Target Raised to $130.00

Elastic (NYSE:ESTC) had its price objective hoisted by Canaccord Genuity Group from $110.00 to $130.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the stock. Baird R W downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Wedbush raised shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Royal Bank of Canada upped their price objective on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday. Oppenheimer upped their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Finally, TD Cowen decreased their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Up 14.8 %

Elastic stock opened at $108.03 on Friday. The firm has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. 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 firm’s 50 day moving average price is $81.78 and its two-hundred day moving average price is $96.91. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 net margin of 4.39% and a negative return on equity of 13.54%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.35) EPS. On average, research analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In related news, CTO Shay Banon sold 2,666 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 $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently made changes to their positions in the company. FMR LLC increased its position in Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in Elastic in the 2nd quarter valued at about $248,335,000. Atreides Management LP increased its position in Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares in the last quarter. State Street Corp increased its position in Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after acquiring an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares in 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.