Elastic (NYSE:ESTC) Stock Price Expected to Rise, Scotiabank Analyst Says

Elastic (NYSE:ESTC) had its price target lifted by research analysts at Scotiabank from $127.00 to $140.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 20.29% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. UBS Group boosted their target price on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup upped their price target on shares of Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Royal Bank of Canada upped their price target on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Guggenheim upped their price target on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday. Finally, Oppenheimer upped their price target on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Stock Performance

Shares of ESTC stock opened at $116.38 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The stock has a market cap of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The company’s fifty day moving average price is $106.11 and its 200-day moving average price is $95.52.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, equities analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares in the company, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Elastic during the fourth quarter valued at about $3,558,000. Jefferies Financial Group Inc. acquired a new stake in Elastic in the fourth quarter worth about $456,000. Infinitum Asset Management LLC acquired a new stake in Elastic in the fourth quarter worth about $6,936,000. Public Employees Retirement System of Ohio boosted its holdings in Elastic by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock worth $2,963,000 after acquiring an additional 359 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in Elastic in the fourth quarter worth about $26,000. Hedge funds and other 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.