Elastic (NYSE:ESTC) Stock Price Expected to Rise, Citigroup Analyst Says

Elastic (NYSE:ESTC) had its target price hoisted by Citigroup from $136.00 to $150.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

ESTC has been the subject of a number of other reports. Stifel Nicolaus upped their price objective on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler upped their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday. The Goldman Sachs Group lifted their price objective on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Wedbush upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and set a $135.00 target price for the company in a research report on Monday. Finally, Canaccord Genuity Group lifted their price target on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday. Five 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 company. Based on data from MarketBeat.com, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Up 3.2 %

Shares of NYSE:ESTC opened at $111.45 on Monday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company’s fifty day moving average is $81.78 and its two-hundred day moving average is $96.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94.

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

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the sale, the chief financial officer now 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. Over the last 90 days, insiders have sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. acquired a new position in Elastic in the 2nd quarter worth approximately $248,335,000. FMR LLC boosted its position in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Elastic during the second quarter valued at $102,169,000. Atreides Management LP raised its position in Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. Finally, Federated Hermes Inc. lifted its stake in Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after acquiring an additional 613,774 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.