Citigroup Raises Elastic (NYSE:ESTC) Price Target to $150.00

Elastic (NYSE:ESTC) had its price objective hoisted by research analysts at Citigroup from $136.00 to $150.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 30.23% from the stock’s previous close.

A number of other brokerages have also recently weighed in on ESTC. The Goldman Sachs Group lifted their price target on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Wells Fargo & Company lifted their price objective on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Rosenblatt Securities reissued a “buy” rating and set a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Guggenheim increased their price objective on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Truist Financial upped their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Price Performance

Shares of ESTC traded up $7.15 during mid-day trading on Monday, hitting $115.18. 917,240 shares of the company traded hands, compared to its average volume of 1,321,529. 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 stock has a market capitalization of $11.83 billion, a price-to-earnings ratio of 208.91 and a beta of 0.94. The business has a 50-day moving average of $81.78 and a 200 day moving average of $96.91. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last announced 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. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) EPS. As a group, equities analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the business’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 $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently added to or reduced their stakes in the stock. Asset Dedication LLC lifted its stake in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in Elastic in the 2nd quarter valued at approximately $40,000. Quarry LP acquired a new position in shares of Elastic during the second quarter worth $40,000. Lynx Investment Advisory bought a new stake in shares of Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC raised its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.