Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its target price boosted by Canaccord Genuity Group from $130.00 to $135.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

ESTC has been the topic of a number of other reports. Oppenheimer upped their target price on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. 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, November 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $130.00 target price on shares of Elastic in a research report on Tuesday. Cantor Fitzgerald initiated coverage on Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Stock Performance

Elastic stock opened at $116.38 on Friday. The stock’s 50 day moving average price is $105.85 and its 200 day moving average price is $95.51. The firm has a market capitalization of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). The company had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, sell-side analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. acquired a new position in shares of Elastic during the fourth quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new position in shares of Elastic during the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC acquired a new position in shares of Elastic during the fourth quarter valued at $26,000. Venturi Wealth Management LLC increased its holdings in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after purchasing an additional 158 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.