Elastic (NYSE:ESTC) Price Target Raised to $120.00

Elastic (NYSE:ESTC) had its target price upped by Guggenheim from $100.00 to $120.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

ESTC has been the subject of a number of other research reports. Wedbush upgraded shares of Elastic to a “hold” rating in a research report on Thursday, October 17th. Piper Sandler lifted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. UBS Group decreased their price target on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Jefferies Financial Group upped their price objective on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Trading Up 14.8 %

NYSE ESTC opened at $108.03 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm’s fifty day moving average price is $81.78 and its 200 day moving average price is $96.91.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.35) earnings per share. On average, sell-side analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other news, CFO Janesh Moorjani sold 6,941 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 $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. This represents a 3.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Several large investors have recently added to or reduced their stakes in ESTC. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC acquired a new position in Elastic during the 2nd quarter valued at approximately $40,000. Quarry LP bought a new position in Elastic during the 2nd quarter worth $40,000. Lynx Investment Advisory acquired a new stake in Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC lifted its stake in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by 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.