Elastic (NYSE:ESTC) Stock Price Up 6.6% on Analyst Upgrade

Elastic (NYSE:ESTC)’s stock price traded up 6.6% during trading on Monday after Citigroup raised their price target on the stock from $136.00 to $150.00. Citigroup currently has a buy rating on the stock. Elastic traded as high as $115.30 and last traded at $115.17. 617,499 shares changed hands during trading, a decline of 53% from the average session volume of 1,320,214 shares. The stock had previously closed at $108.03.

Several other analysts also recently issued reports on the company. Royal Bank of Canada lifted their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Truist Financial lifted their price objective on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Guggenheim upped their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Bank of America raised their target price on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 price target on shares of Elastic in a research note on Wednesday, November 20th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.33.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 4,489 shares of the 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 sale, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the business’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 value of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last three months. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its holdings in shares of Elastic by 12.7% in the 1st 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 period. Signaturefd LLC raised its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. M&T Bank Corp boosted its holdings 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 during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after buying an additional 201 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Elastic by 3.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Trading Up 0.1 %

The company has a 50 day moving average of $82.49 and a two-hundred day moving average of $96.96. The stock has a market cap of $11.46 billion, a PE ratio of 200.47 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for 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%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.35) earnings per share. Sell-side analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

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.