Elastic (NYSE:ESTC) Price Target Raised to $140.00

Elastic (NYSE:ESTC) had its price objective raised by Oppenheimer from $125.00 to $140.00 in a research note published on Friday morning, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on ESTC. TD Cowen decreased their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Bank of America raised their price target on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $95.00 to $135.00 in a research report on Friday. Citigroup raised their target price on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Barclays upped their price target on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Six 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Trading Up 14.8 %

Shares of ESTC 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 current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm’s 50-day moving average price is $81.78 and its 200-day moving average price is $96.91. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its earnings results 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. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.35) EPS. Sell-side analysts anticipate that Elastic will post -0.92 EPS for the current year.

Insider Transactions at Elastic

In other news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Janesh Moorjani sold 6,941 shares of the 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 completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,406 shares of company stock worth $2,627,772. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. raised 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 worth $106,000 after purchasing an additional 119 shares in the last quarter. Signaturefd LLC raised its stake in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. M&T Bank Corp lifted its position in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in Elastic by 3.3% in the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after purchasing an additional 219 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.