Elastic (NYSE:ESTC) Stock Price Expected to Rise, Bank of America Analyst Says

Elastic (NYSE:ESTC) had its target price boosted by stock analysts at Bank of America from $94.00 to $120.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price would indicate a potential upside of 11.08% from the company’s current price.

A number of other brokerages have also weighed in on ESTC. Oppenheimer lowered their price objective on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a report on Friday, August 30th. TD Cowen decreased their price target on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Stifel Nicolaus cut their price objective on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Finally, Canaccord Genuity Group cut their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.8 %

Shares of ESTC stock 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 current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The business’s 50 day moving average is $81.78 and its two-hundred day moving average is $97.04. The company has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $344.67 million. During the same period in the previous year, the company posted ($0.35) EPS. Elastic’s revenue was up 18.3% compared to the same quarter last year. Equities analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In other news, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the stock. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the 2nd quarter worth about $248,335,000. FMR LLC grew its stake 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 buying an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Elastic in the second quarter worth $102,169,000. Atreides Management LP raised its stake 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 acquiring an additional 614,309 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Elastic by 32,630.2% during the 2nd 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 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.