Elastic (NYSE:ESTC) Receives $104.24 Average Target Price from Brokerages

Elastic (NYSE:ESTC) has received a consensus rating of “Moderate Buy” from the twenty-three brokerages that are presently covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $103.48.

Several research firms have recently weighed in on ESTC. Wells Fargo & Company lowered their price objective on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Truist Financial decreased their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Piper Sandler decreased their target price on Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Guggenheim initiated coverage on Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 target price for the company. Finally, Royal Bank of Canada decreased their target price on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 30th.

Insider Transactions at Elastic

In other news, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction that occurred on 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The purchase was disclosed in a legal 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 that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the completion of the sale, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last 90 days. Insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB bought a new stake in Elastic during the 1st quarter valued at $3,104,000. Toronto Dominion Bank bought a new stake in Elastic during the 1st quarter valued at $5,780,000. Quantbot Technologies LP raised its holdings in Elastic by 165.2% during the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock valued at $1,295,000 after acquiring an additional 8,048 shares during the period. CenterBook Partners LP raised its holdings in Elastic by 13.1% during the 4th quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock valued at $3,154,000 after acquiring an additional 3,245 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Elastic by 737.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after acquiring an additional 15,514 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Stock Performance

ESTC stock opened at $78.19 on Wednesday. The stock has a 50-day moving average price of $95.89 and a 200-day moving average price of $102.53. 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 firm has a market cap of $7.95 billion, a PE ratio of 147.53 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. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period last year, the company posted ($0.35) EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, equities research analysts expect that Elastic will post -0.94 earnings per share for the current year.

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.