Elastic (NYSE:ESTC) Price Target Raised to $130.00 at JPMorgan Chase & Co.

Elastic (NYSE:ESTC) had its target price increased by JPMorgan Chase & Co. from $100.00 to $130.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on the stock. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. DA Davidson dropped their price objective on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock 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 note on Friday, August 30th. Wells Fargo & Company raised their price objective on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Bank of America upped their target price on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Price Performance

Shares of ESTC stock opened at $111.45 on Friday. The firm’s 50 day moving average price is $81.78 and its two-hundred day moving average price is $96.91. The stock has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. 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 announced its quarterly 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. The company had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) earnings per share. As a group, analysts forecast that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the sale, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last ninety days. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Dedication LLC increased its holdings in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new position in shares of Elastic during the 2nd quarter worth approximately $40,000. Quarry LP purchased a new stake in shares of Elastic in the 2nd quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in shares of Elastic during the 2nd quarter valued at $43,000. Finally, Signaturefd LLC increased its stake in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. 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.