Elastic (NYSE:ESTC) Given New $136.00 Price Target at Guggenheim

Elastic (NYSE:ESTC) had its price target increased by Guggenheim from $130.00 to $136.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial upped their target price on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Canaccord Genuity Group upped their target price on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday. Citigroup upped their target price on shares of Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Royal Bank of Canada upped their target price on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Scotiabank lowered their target price on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, January 21st. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.09.

Elastic Stock Performance

Shares of Elastic stock opened at $116.38 on Friday. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07. The firm’s 50-day moving average is $105.85 and its 200 day moving average is $95.51. 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 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during 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%. Sell-side analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 15.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp boosted its stake in Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. Sigma Planning Corp boosted its position in shares of Elastic by 3.7% during the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after acquiring an additional 139 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after acquiring an additional 151 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its position in shares of Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

About Elastic

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.