Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Scotiabank

Elastic (NYSE:ESTC) had its price objective upped by Scotiabank from $92.00 to $135.00 in a report published on Friday,Benzinga reports. They currently have a sector outperform rating on the stock.

Other analysts also recently issued reports about the company. Truist Financial cut their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their target price on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday. Guggenheim upped their target price on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada upped their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday. Finally, TD Cowen lowered their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Five investment 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Performance

ESTC opened at $111.45 on Friday. The business has a fifty day simple moving average of $81.78 and a 200 day simple moving average of $96.91. The company has a market capitalization of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The firm 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 company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.35) EPS. Research analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now owns 102,959 shares in the company, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank bought a new stake in shares of Elastic during the 1st quarter valued at about $5,780,000. Interval Partners LP bought a new position in Elastic in the first quarter worth approximately $1,704,000. Russell Investments Group Ltd. boosted its holdings in Elastic by 993.0% in the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after acquiring an additional 15,659 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Elastic in the third quarter worth approximately $1,262,000. Finally, WD Rutherford LLC bought a new position in Elastic in the second quarter worth approximately $422,000. Institutional investors 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.