The Goldman Sachs Group Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective upped by The Goldman Sachs Group from $99.00 to $113.00 in a research report sent to investors on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research firms have also issued reports on ESTC. Citigroup increased their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Canaccord Genuity Group dropped their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Guggenheim started coverage on shares of Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 target price on the stock. Jefferies Financial Group lowered their target price on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Finally, Oppenheimer lifted their price target on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.7 %

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

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period last year, the business earned ($0.35) earnings per share. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, equities analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Janesh Moorjani sold 6,941 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 $487,605.25. Following the transaction, 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 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 company insiders.

Institutional Investors Weigh In On Elastic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its holdings in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after acquiring an additional 15,659 shares in the last quarter. ProShare Advisors LLC boosted its position in Elastic by 24.6% during the first quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after purchasing an additional 441 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares in the last quarter. Toronto Dominion Bank acquired a new position in shares of Elastic during the 1st quarter worth approximately $5,780,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Elastic by 44.1% in the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after buying an additional 1,179 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

About Elastic

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.