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

Elastic (NYSE:ESTC) had its price target increased by research analysts at Citigroup from $136.00 to $150.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 34.48% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Wedbush raised Elastic from a “neutral” rating to an “outperform” rating and set a $135.00 price objective for the company in a research note on Monday. Barclays raised their price target on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday. TD Cowen cut their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Piper Sandler raised their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Finally, DA Davidson raised their price target on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $126.33.

Elastic Trading Up 0.1 %

Shares of ESTC stock opened at $111.54 on Monday. The stock has a 50-day simple moving average of $82.49 and a 200 day simple moving average of $96.96. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The stock has a market capitalization of $11.46 billion, a P/E ratio of 200.47 and a beta of 0.94. 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 (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating 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 the consensus estimate of $344.67 million. During the same period in the prior year, the business posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% compared to the same quarter last year. On average, sell-side analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In related news, CRO Mark Eugene Dodds sold 3,661 shares of the firm’s 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 $257,185.25. Following the completion of the transaction, the executive now owns 102,683 shares in the company, valued at $7,213,480.75. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Asset Dedication LLC lifted its position in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the period. AlphaCentric Advisors LLC acquired a new position in Elastic in the second quarter worth $40,000. Quarry LP acquired a new position in Elastic in the second quarter worth $40,000. Lynx Investment Advisory acquired a new position in Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC boosted its stake in Elastic by 44.1% in the second 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.

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.