Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its target price raised by Jefferies Financial Group from $110.00 to $135.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Oppenheimer raised their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Canaccord Genuity Group cut their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Guggenheim initiated coverage on shares of Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target for the company. DA Davidson dropped their price objective on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Finally, Royal Bank of Canada boosted their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday. Six investment 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Performance

Shares of ESTC stock opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The firm has a 50 day moving average of $81.78 and a two-hundred day moving average of $96.91. 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.

Elastic (NYSE:ESTC) last released its quarterly earnings data 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 negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the prior year, the firm posted ($0.35) EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, research analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of the 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 transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 over the last quarter. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. 1832 Asset Management L.P. acquired a new position in shares of Elastic during the 2nd quarter worth $248,335,000. FMR LLC boosted its holdings 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 in the last quarter. Assenagon Asset Management S.A. acquired a new position in Elastic during the second quarter worth about $102,169,000. Atreides Management LP increased its holdings in Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position 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 during the period. Hedge funds and other institutional investors 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.