Barclays Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective raised by Barclays from $95.00 to $105.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts also recently issued reports on ESTC. Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Tuesday, October 8th. Scotiabank cut their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday, August 30th. Stifel Nicolaus decreased their price target on Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Canaccord Genuity Group lowered their price target on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Finally, Wedbush upgraded shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.19.

Elastic Stock Performance

Shares of Elastic stock opened at $86.06 on Friday. The business’s 50 day moving average price is $80.11 and its 200 day moving average price is $97.24. The company has a market cap of $8.84 billion, a price-to-earnings ratio of 156.47 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS 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 business 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 firm earned ($0.35) EPS. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction 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 of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the sale, the chief technology officer now directly 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 disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 in the last quarter. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Elastic by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock valued at $863,440,000 after buying an additional 44,597 shares during the last quarter. FMR LLC grew its holdings in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the last quarter. 1832 Asset Management L.P. purchased a new position in shares of Elastic during the second quarter worth about $248,335,000. Atreides Management LP increased its position in shares of Elastic by 57.2% during the third 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 in the last quarter. Finally, State Street Corp lifted its holdings in shares of Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after purchasing an additional 31,663 shares during the last quarter. Hedge funds and other 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.