Canaccord Genuity Group Increases Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC) had its price objective lifted by Canaccord Genuity Group from $110.00 to $130.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on ESTC. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday. Baird R W cut Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Barclays boosted their target price on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Stock Performance

Shares of Elastic stock opened at $111.45 on Friday. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a market cap of $11.45 billion, a PE ratio of 202.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The business has a 50-day simple moving average of $81.78 and a 200-day simple moving average of $96.91.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The business 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 business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) earnings per share. On average, equities research analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic stock in a transaction 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 owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul R. Auvil III acquired 20,000 shares of Elastic stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now 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 37,406 shares of company stock valued at $2,627,772 in the last quarter. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of institutional investors have recently bought and sold shares of ESTC. 1832 Asset Management L.P. bought a new position in Elastic during the second quarter valued at about $248,335,000. FMR LLC lifted its holdings in Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Elastic during the 2nd quarter worth $102,169,000. Atreides Management LP lifted its holdings in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after purchasing an additional 613,774 shares during the period. 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.