Bank of America Increases Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC) had its target price upped by Bank of America from $94.00 to $120.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

ESTC has been the topic of a number of other reports. Oppenheimer lowered their price target on Elastic from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 30th. Scotiabank dropped their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Barclays boosted 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. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price objective on shares of Elastic in a research note on Wednesday, November 20th. Finally, Piper Sandler reduced their target price on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 30th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Up 3.2 %

NYSE ESTC opened at $111.45 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The stock has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. The firm has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $96.91. 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 (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 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 analyst estimates of $344.67 million. During the same period in the prior year, the company posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. On average, research analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Transactions at Elastic

In other Elastic news, CTO Shay Banon sold 2,666 shares of the business’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 value of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 19,649 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 $1,380,342.25. Following the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock valued at $2,627,772 over the last quarter. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new position in Elastic during the second quarter worth about $40,000. Quarry LP acquired a new position in Elastic during the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new stake in Elastic in the second quarter valued at approximately $43,000. Finally, Signaturefd LLC lifted its position in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. Institutional investors and hedge funds 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.