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

Elastic (NYSE:ESTC) had its price objective increased by Piper Sandler from $100.00 to $130.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently issued reports on ESTC. Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. UBS Group cut their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Scotiabank cut their price target on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. Finally, Truist Financial cut their price target on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus target price of $126.33.

Elastic Stock Up 3.2 %

Shares of ESTC stock opened at $111.45 on Friday. The stock has a market cap of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The company’s fifty day simple moving average is $81.78 and its two-hundred day simple moving average is $96.91.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.35) EPS. Analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Transactions at Elastic

In related news, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Shay Banon sold 2,666 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ESTC. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Elastic in the second quarter worth $40,000. Quarry LP acquired a new stake in shares of Elastic in the second quarter worth $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC increased its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. Hedge funds and other 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.