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

Elastic (NYSE:ESTC) had its price target boosted by analysts at Citigroup from $136.00 to $150.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 34.48% from the company’s previous close.

Several other brokerages also recently issued reports on ESTC. Stifel Nicolaus increased their price target on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Bank of America increased their price target on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Truist Financial increased their price target on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. The Goldman Sachs Group increased their price target on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Scotiabank increased their price target on Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Trading Up 0.1 %

Shares of ESTC opened at $111.54 on Monday. 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 firm has a market capitalization of $11.46 billion, a PE ratio of 200.47 and a beta of 0.94. The stock’s fifty day simple moving average is $82.49 and its 200-day simple moving average is $96.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. As a group, research analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 over the last 90 days. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Interval Partners LP bought a new position in shares of Elastic during the first quarter valued at about $1,704,000. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Elastic during the third quarter worth about $1,262,000. WD Rutherford LLC purchased a new stake in shares of Elastic during the second quarter worth about $422,000. Assenagon Asset Management S.A. purchased a new stake in shares of Elastic during the second quarter worth about $102,169,000. Finally, Daventry Group LP boosted its holdings in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after purchasing an additional 25,008 shares during the period. 97.03% of the stock is owned by 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.