JPMorgan Chase & Co. Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target lifted by research analysts at JPMorgan Chase & Co. from $100.00 to $130.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 20.34% from the company’s previous close.

ESTC has been the topic of a number of other reports. Oppenheimer lifted their target price on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday. Citigroup lifted their price target on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Wells Fargo & Company increased their price objective on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday. Jefferies Financial Group reduced their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, Wedbush upgraded Elastic to a “hold” rating in a report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Price Performance

ESTC stock 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 debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The business has a 50 day simple moving average of $81.78 and a 200-day simple moving average of $97.04.

Elastic (NYSE:ESTC) last released its quarterly earnings data 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 negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the company posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 in the last 90 days. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position 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 in the last quarter. ProShare Advisors LLC boosted its holdings in Elastic by 24.6% in 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 in the last quarter. Advisors Asset Management Inc. boosted its holdings 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 purchased a new position in Elastic in the first quarter valued at approximately $5,780,000. Finally, Lazard Asset Management LLC raised its holdings in Elastic by 44.1% during the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after purchasing an additional 1,179 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.