Elastic (NYSE:ESTC) Given New $135.00 Price Target at Piper Sandler

Elastic (NYSE:ESTC) had its target price hoisted by Piper Sandler from $130.00 to $135.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also commented on ESTC. JPMorgan Chase & Co. boosted their price target on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Royal Bank of Canada boosted their price target on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Scotiabank cut their price target on Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Morgan Stanley began coverage on Elastic in a report on Tuesday, December 17th. They issued an “overweight” rating and a $130.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price target on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $131.09.

Elastic Stock Performance

ESTC stock opened at $116.38 on Friday. The business’s 50-day moving average price is $105.85 and its two-hundred day moving average price is $95.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a market cap of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, research analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the sale, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ESTC. Private Advisor Group LLC bought a new position in shares of Elastic in the 3rd quarter valued at $211,000. Van ECK Associates Corp acquired a new stake in Elastic in the third quarter valued at $2,540,000. Fernwood Investment Management LLC increased its holdings in Elastic by 1.3% in the third quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock valued at $2,046,000 after purchasing an additional 350 shares during the period. QRG Capital Management Inc. increased its holdings 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 purchasing an additional 201 shares during the period. Finally, Fiera Capital Corp acquired a new stake in Elastic in the third quarter valued at $15,623,000. 97.03% of the stock is currently 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.