DA Davidson Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective upped by equities researchers at DA Davidson from $75.00 to $115.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target would suggest a potential upside of 6.45% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Citigroup raised their price target on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Canaccord Genuity Group lifted their target price on shares of Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday. Bank of America increased their price target on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a report on Friday. Royal Bank of Canada boosted 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. Finally, Oppenheimer increased their target price on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC stock opened at $108.03 on Friday. The company’s fifty day moving average price is $81.78 and its 200-day moving average price is $97.04. The stock has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 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 business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Asset Dedication LLC boosted its holdings in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new position in Elastic during the second quarter valued at $40,000. Quarry LP purchased a new stake in shares of Elastic in the second quarter valued at $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic in the 2nd quarter worth about $43,000. Finally, Signaturefd LLC boosted its stake in shares of 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 during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.