Elastic (NYSE:ESTC) Trading Up 5.4% – What’s Next?

Elastic (NYSE:ESTC)’s share price traded up 5.4% during trading on Tuesday . The company traded as high as $107.97 and last traded at $110.56. 130,676 shares were traded during mid-day trading, a decline of 89% from the average session volume of 1,149,269 shares. The stock had previously closed at $104.92.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup raised their target price on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Truist Financial boosted their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. upped their target price on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Cantor Fitzgerald assumed coverage on shares of Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target on the stock. Finally, Barclays increased their target price on shares of Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $125.35.

Elastic Price Performance

The business has a fifty day moving average of $103.34 and a two-hundred day moving average of $95.05. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 212.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Insider Buying and Selling

In other news, insider Carolyn Herzog sold 11,145 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the transaction, the insider now directly owns 92,011 shares in the company, valued at $10,244,504.74. This trade represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Shay Banon sold 150,000 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value of $16,638,000.00. Following the sale, the chief technology officer now owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. The trade was a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,162 shares of company stock valued at $18,637,562. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Geneos Wealth Management Inc. acquired a new stake in Elastic in the 4th quarter valued at $25,000. Quarry LP purchased a new stake in shares of Elastic in the second quarter worth approximately $40,000. Eastern Bank purchased a new position in Elastic during the third quarter worth about $61,000. FNY Investment Advisers LLC grew its position in Elastic by 87.3% in the 4th quarter. FNY Investment Advisers LLC now owns 749 shares of the company’s stock worth $74,000 after purchasing an additional 349 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Elastic by 21.2% in the 3rd quarter. Blue Trust Inc. now owns 2,582 shares of the company’s stock worth $198,000 after buying an additional 452 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

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.