Elastic (NYSE:ESTC) Given New $130.00 Price Target at Royal Bank of Canada

Elastic (NYSE:ESTC) had its price target raised by Royal Bank of Canada from $110.00 to $130.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

ESTC has been the topic of a number of other research reports. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $95.00 to $135.00 in a report on Friday. Scotiabank dropped their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. Jefferies Financial Group lowered their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Bank of America raised their target price on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Guggenheim began coverage on shares of Elastic in a research note on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Five 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Up 3.2 %

Shares of NYSE:ESTC opened at $111.45 on Friday. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company’s fifty day moving average is $81.78 and its two-hundred 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 (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the company earned ($0.35) earnings per share. The firm’s revenue was up 18.3% compared to the same quarter last year. Equities analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul R. Auvil III acquired 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, 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 position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC raised its position in shares of Elastic by 239.1% in the third quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock valued at $753,000 after purchasing an additional 6,915 shares during the period. Virtu Financial LLC raised its position in shares of Elastic by 131.9% in the third quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock valued at $333,000 after purchasing an additional 2,467 shares during the period. Geode Capital Management LLC raised its position in shares of Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after purchasing an additional 50,355 shares during the period. Vestcor Inc bought a new position in shares of Elastic in the third quarter valued at approximately $1,919,000. Finally, M&T Bank Corp raised its position in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after purchasing an additional 139 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.