Elastic (NYSE:ESTC) Price Target Raised to $120.00 at Bank of America

Elastic (NYSE:ESTC) had its target price lifted by Bank of America from $94.00 to $120.00 in a research note published on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

ESTC has been the topic of several other reports. Oppenheimer lowered their target price on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a report on Friday, August 30th. Guggenheim began coverage on Elastic in a report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price objective for the company. Wells Fargo & Company reduced their target price on Elastic from $145.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Citigroup upped their price objective on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Performance

NYSE:ESTC opened at $111.45 on Friday. The stock has a market cap of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. The stock has a 50 day simple moving average of $81.78 and a 200 day simple moving average of $96.91. 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 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping 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 firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter last year, the business earned ($0.35) EPS. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. Research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC grew its stake in Elastic by 239.1% during the third quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock worth $753,000 after purchasing an additional 6,915 shares during the period. Virtu Financial LLC boosted its holdings in shares of Elastic by 131.9% during the 3rd quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock worth $333,000 after buying an additional 2,467 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after buying an additional 50,355 shares in the last quarter. Vestcor Inc acquired a new stake in shares of Elastic during the 3rd quarter worth approximately $1,919,000. Finally, M&T Bank Corp increased its stake in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares in the last quarter. 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.