Guggenheim Boosts Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC) had its price target lifted by Guggenheim from $100.00 to $120.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. TD Cowen lowered their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Piper Sandler upped their price target on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. UBS Group reduced their price objective on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Barclays upped their price objective on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Royal Bank of Canada raised their target price on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC opened at $108.03 on Friday. The company has a 50-day moving average of $81.78 and a two-hundred day moving average of $96.91. Elastic has a one year low of $69.00 and a one 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. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94.

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 firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company posted ($0.35) EPS. On average, equities research analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 2,666 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 $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Several large investors have recently bought and sold shares of the company. Asset Dedication LLC raised its position in shares of Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in Elastic during the 2nd quarter worth approximately $40,000. Quarry LP acquired a new stake in Elastic during the 2nd quarter worth approximately $40,000. Lynx Investment Advisory bought a new position in Elastic in the second quarter valued at approximately $43,000. Finally, Signaturefd LLC boosted its holdings in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.