Elastic (NYSE:ESTC) Price Target Raised to $140.00

Elastic (NYSE:ESTC) had its price objective increased by Oppenheimer from $125.00 to $140.00 in a research report sent to investors on Friday, MarketBeat reports. Oppenheimer currently has an outperform rating on the stock.

ESTC has been the subject of several other reports. Bank of America boosted their target price on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Truist Financial lowered their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. UBS Group dropped their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.7 %

Shares of Elastic stock opened at $107.94 on Friday. The company’s 50-day moving average price is $81.13 and its 200-day moving average price is $97.04. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a market cap of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping 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 business 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 firm posted ($0.35) EPS. Elastic’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’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 $1,380,342.25. Following the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. This trade represents a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the business’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 $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently made changes to their positions in ESTC. FMR LLC lifted its stake in 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 acquiring an additional 1,115,750 shares during the period. 1832 Asset Management L.P. purchased a new position in Elastic during the 2nd quarter valued at $248,335,000. Atreides Management LP raised its holdings in Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. State Street Corp lifted its position in shares of Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after purchasing an additional 31,663 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after purchasing an additional 50,355 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.