JPMorgan Chase & Co. Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective 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.

A number of other analysts have also weighed in on ESTC. DA Davidson reduced 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. Barclays raised their price target on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Jefferies Financial Group dropped their price objective on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday, August 30th. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus boosted their target price on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Up 14.8 %

Shares of NYSE ESTC opened at $108.03 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm’s 50-day moving average price is $81.78 and its 200-day moving average price is $96.91. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. During the same period last year, the company earned ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. On average, equities research analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the transaction, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 in the last 90 days. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of large investors have recently modified their holdings of ESTC. Russell Investments Group Ltd. raised its position in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares during the last quarter. ProShare Advisors LLC increased its stake in Elastic by 24.6% during the 1st quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after purchasing an additional 441 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after buying an additional 119 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of Elastic during the first quarter worth $5,780,000. Finally, Lazard Asset Management LLC grew its holdings in shares of Elastic by 44.1% during the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after buying an additional 1,179 shares during the last quarter. Hedge funds and other 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.