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

Elastic (NYSE:ESTC) had its price target raised by investment analysts at Canaccord Genuity Group from $110.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 19.68% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Wedbush upgraded Elastic to a “hold” rating in a research note on Thursday, October 17th. Stifel Nicolaus lifted their target price on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. Scotiabank dropped their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 30th. Barclays lifted their target price on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $115.67.

Elastic Stock Performance

NYSE:ESTC traded up $14.49 on Friday, hitting $108.62. The company’s stock had a trading volume of 5,250,550 shares, compared to its average volume of 1,311,841. Elastic has a one year low of $69.00 and a one year high of $136.06. The stock has a fifty day moving average of $80.71 and a two-hundred day moving average of $97.05. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $11.16 billion, a P/E ratio of 197.49 and a beta of 0.94.

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. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period last year, the company posted ($0.35) EPS. Research analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were 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. This represents a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last three months. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in shares of Elastic during the 2nd quarter valued at $248,335,000. FMR LLC raised its position in shares of Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Elastic during the 2nd quarter valued at $102,169,000. Atreides Management LP raised its position in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares during the period. Finally, Federated Hermes Inc. increased its holdings in Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after acquiring an additional 613,774 shares during 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.