Elastic (NYSE:ESTC) Price Target Raised to $130.00 at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its target price hoisted by Canaccord Genuity Group from $110.00 to $130.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on ESTC. TD Cowen reduced their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Oppenheimer boosted their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday. William Blair upgraded Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Piper Sandler boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Truist Financial dropped their target price on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $126.33.

Elastic Stock Performance

ESTC stock opened at $111.45 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The business has a 50-day moving average price of $81.78 and a 200 day moving average price of $96.91. The company has a market capitalization of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 EPS 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 the consensus estimate of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm’s revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) earnings per share. As a group, equities research analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

Insider Transactions at Elastic

In other news, CFO Janesh Moorjani sold 6,941 shares of the company’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 $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value 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 $319,159,097.50. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 in the last three months. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its holdings in shares of Elastic by 239.1% during the 3rd quarter. Tidal Investments LLC now owns 9,807 shares of the company’s stock worth $753,000 after acquiring an additional 6,915 shares during the period. Virtu Financial LLC increased its position 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 purchasing an additional 2,467 shares during the last quarter. Geode Capital Management LLC grew its position in Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares in the last quarter. Vestcor Inc acquired a new position in Elastic in the 3rd quarter valued at about $1,919,000. Finally, M&T Bank Corp grew its position in 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. 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.