Scotiabank Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target lifted by equities research analysts at Scotiabank from $92.00 to $135.00 in a report released on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 25.19% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Canaccord Genuity Group increased their price objective on shares of Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday. UBS Group dropped their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Citigroup increased their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Barclays boosted their target price on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Wedbush raised Elastic to a “hold” rating in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.10.

Elastic Stock Performance

NYSE ESTC traded up $13.71 on Friday, reaching $107.84. The stock had a trading volume of 5,559,594 shares, compared to its average volume of 1,313,711. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a fifty day moving average of $80.71 and a two-hundred day moving average of $97.05. The company has a market cap of $11.08 billion, a P/E ratio of 196.35 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its quarterly earnings results 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 company had revenue of $347.42 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) earnings per share. On average, equities research analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction 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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul R. Auvil III bought 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 in the last ninety days. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of large investors have recently modified their holdings of the stock. Toronto Dominion Bank bought a new position in shares of Elastic during the 1st quarter valued at about $5,780,000. Interval Partners LP acquired a new stake in Elastic in the 1st quarter valued at about $1,704,000. Russell Investments Group Ltd. boosted its stake in shares of Elastic by 993.0% during the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after acquiring an additional 15,659 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Elastic in the third quarter valued at $1,262,000. Finally, WD Rutherford LLC bought a new position in Elastic in the 2nd quarter valued at about $422,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.