Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its price objective boosted by Scotiabank from $92.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

A number of other research firms also recently commented on ESTC. Stifel Nicolaus lifted their target price on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $95.00 to $135.00 in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $120.00 price objective on shares of Elastic in a research report on Wednesday, November 20th. Guggenheim raised their target price on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. upped their price target on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Up 14.8 %

ESTC stock opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The business has a fifty day moving average price of $81.78 and a 200-day moving average price of $96.91.

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. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. Elastic’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.35) EPS. Equities analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 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 $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 over the last quarter. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the 2nd quarter valued at about $248,335,000. Atreides Management LP lifted its holdings in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares during the last quarter. State Street Corp grew its position in Elastic by 2.3% in the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after acquiring an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Elastic by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after acquiring an additional 50,355 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.