Piper Sandler Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective upped by Piper Sandler from $100.00 to $130.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on the company. Wedbush raised Elastic to a “hold” rating in a research note on Thursday, October 17th. Citigroup raised their price objective on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Guggenheim started coverage on Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 price objective on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Up 3.2 %

ESTC opened at $111.45 on Friday. The stock has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. 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 has a 52 week low of $69.00 and a 52 week high of $136.06. The business’s fifty day simple moving average is $81.78 and its 200 day simple moving average is $96.91.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 EPS 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 business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the firm earned ($0.35) earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. As a group, research analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of Elastic 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 sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last 90 days. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. grew 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 valued at $106,000 after acquiring an additional 119 shares during the period. Signaturefd LLC grew its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the period. M&T Bank Corp grew its position in shares of Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after buying an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake 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 buying an additional 219 shares in the last quarter. Institutional investors 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.