Elastic (NYSE:ESTC) Price Target Raised to $113.00

Elastic (NYSE:ESTC) had its price target increased by The Goldman Sachs Group from $99.00 to $113.00 in a research report sent to investors on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other equities research analysts have also issued reports on the stock. Truist Financial reduced their price objective on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Wedbush raised shares of Elastic to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Elastic in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research note on Friday. Finally, TD Cowen reduced their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Trading Up 3.2 %

Shares of NYSE:ESTC opened at $111.45 on Friday. The firm has a fifty day moving average of $81.78 and a two-hundred day moving average of $96.91. The firm has a market capitalization of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last issued 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 company had revenue of $347.42 million during 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% on a year-over-year basis. During the same quarter last year, the business posted ($0.35) EPS. On average, equities analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. 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.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently made changes to their positions in the company. Asset Dedication LLC raised its position in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new position in shares of Elastic in the 2nd quarter valued at approximately $40,000. Quarry LP acquired a new position in shares of Elastic in the 2nd quarter valued at approximately $40,000. Lynx Investment Advisory acquired a new position in shares of Elastic in the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC increased its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.