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

Elastic (NYSE:ESTC) had its price target hoisted by Truist Financial from $105.00 to $135.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also commented on ESTC. Oppenheimer upped their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Wedbush upgraded shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Rosenblatt Securities restated a “buy” rating and issued a $120.00 price objective on shares of Elastic in a report on Wednesday, November 20th. Finally, TD Cowen decreased their price objective 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. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Trading Up 3.2 %

NYSE:ESTC opened at $111.45 on Friday. The company has a fifty day moving average of $81.78 and a 200 day moving average of $96.91. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94.

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

Insider Activity at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $487,605.25. Following the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by insiders.

Institutional Trading of Elastic

A number of institutional investors have recently made changes to their positions in ESTC. Asset Dedication LLC boosted its holdings in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Elastic in the 2nd quarter worth approximately $40,000. Quarry LP bought a new position in shares of Elastic in the 2nd quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in shares of Elastic in the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC lifted its stake in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 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.