Stifel Nicolaus Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its target price hoisted by Stifel Nicolaus from $98.00 to $132.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the stock. Citigroup upped their target price on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Baird R W cut Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Jefferies Financial Group dropped their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Rosenblatt Securities restated a “buy” rating and set a $120.00 target price on shares of Elastic in a research report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Friday. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $126.33.

Elastic Trading Up 3.2 %

Shares of NYSE:ESTC opened at $111.45 on Friday. The company has a market cap of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. The stock’s 50-day moving average is $81.78 and its 200-day moving average is $96.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping 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 company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period last year, the business posted ($0.35) EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis. Equities research analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Transactions at Elastic

In related news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 shares were sold at an average price of $70.25, for a total value 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. The trade was 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 three months. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. acquired a new stake in Elastic during the 2nd quarter worth approximately $248,335,000. FMR LLC lifted its position in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Elastic during the 2nd quarter worth approximately $102,169,000. Atreides Management LP boosted its holdings in shares of 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 purchasing an additional 614,309 shares in 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 buying an additional 613,774 shares in the last quarter. 97.03% of the stock is 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.