Elastic (NYSE:ESTC) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Elastic (NYSE:ESTC) had its price target increased by Wells Fargo & Company from $100.00 to $135.00 in a report published on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms also recently commented on ESTC. Truist Financial cut their price objective on shares of Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. UBS Group reduced their price target on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. TD Cowen dropped their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Scotiabank reduced their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Finally, Piper Sandler lowered their price target on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Price Performance

Shares of NYSE ESTC opened at $111.45 on Friday. 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 fifty day simple moving average of $81.78 and a two-hundred day simple moving average of $96.91. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market cap of $11.45 billion, a price-to-earnings ratio of 202.69 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings results 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 company had revenue of $347.42 million during 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 firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.35) EPS. Analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Transactions at Elastic

In related news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction dated Monday, September 9th. The stock was 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 directly owns 102,959 shares in the company, valued at $7,232,869.75. This represents a 4.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its stake in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares during the period. ProShare Advisors LLC raised its stake in Elastic by 24.6% during the 1st quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after buying an additional 441 shares during the last quarter. Advisors Asset Management Inc. increased its position in Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after acquiring an additional 119 shares during the last quarter. Toronto Dominion Bank bought a new position in shares of Elastic in the 1st quarter worth approximately $5,780,000. Finally, Lazard Asset Management LLC raised its position in Elastic by 44.1% in the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after acquiring an additional 1,179 shares during the period. Institutional investors 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.