UBS Group Boosts Elastic (NYSE:ESTC) Price Target to $148.00

Elastic (NYSE:ESTC) had its price objective lifted by equities research analysts at UBS Group from $140.00 to $148.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 27.17% from the stock’s previous close.

Several other research firms have also weighed in on ESTC. Robert W. Baird raised their price objective on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday. Wedbush cut Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Piper Sandler raised their target price on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday. Jefferies Financial Group raised their target price on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald started coverage on Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price for the company. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $131.09.

Elastic Stock Performance

ESTC opened at $116.38 on Friday. The firm has a market cap of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $106.11 and a 200-day simple moving average of $95.52. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million for 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%. As a group, equities analysts predict that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Elastic by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after purchasing an additional 168,483 shares during the period. FMR LLC increased its stake in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the period. Sylebra Capital LLC increased its stake in shares of Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock worth $339,820,000 after purchasing an additional 462,974 shares during the period. Finally, Atreides Management LP increased its stake in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the period. 97.03% of the stock is currently owned by institutional investors.

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.