Scotiabank Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price target raised by Scotiabank from $92.00 to $135.00 in a research note published on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other analysts have also recently weighed in on the company. Wedbush raised Elastic to a “hold” rating in a report on Thursday, October 17th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Citigroup boosted their price objective on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Canaccord Genuity Group boosted their price objective on Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday. Finally, Stifel Nicolaus boosted their price objective on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Stock Performance

Elastic stock opened at $111.45 on Friday. The stock has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $96.91. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, research analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its position in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC boosted 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 during the period. M&T Bank Corp boosted its stake in shares of Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after acquiring an additional 201 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after acquiring an additional 219 shares during the period. 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.