Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its price objective increased by equities research analysts at Wells Fargo & Company from $100.00 to $135.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 24.97% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Wedbush raised Elastic to a “hold” rating in a report on Thursday, October 17th. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $95.00 to $135.00 in a report on Friday. Truist Financial lowered their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Finally, Barclays lifted their price objective on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Trading Up 14.8 %

Shares of NYSE ESTC opened at $108.03 on Friday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. 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 company has a 50-day moving average of $81.78 and a two-hundred day moving average of $97.04. The company has a market cap of $11.10 billion, a PE ratio of 196.42 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 (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The firm 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 revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.35) EPS. As a group, equities analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 transaction of $487,605.25. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. 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 in the last quarter. 15.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. 1832 Asset Management L.P. bought a new stake in shares of Elastic during the 2nd quarter worth approximately $248,335,000. 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 valued at $420,284,000 after acquiring an additional 1,115,750 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Elastic in the 2nd quarter valued at about $102,169,000. Atreides Management LP increased its stake 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 worth $129,555,000 after purchasing an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of 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 purchasing an additional 613,774 shares during the period. 97.03% of the stock is currently owned by 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.