Elastic (NYSE:ESTC) Stock Price Expected to Rise, DA Davidson Analyst Says

Elastic (NYSE:ESTC) had its target price hoisted by DA Davidson from $75.00 to $115.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently weighed in on the company. Citigroup increased their price objective on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday. Wells Fargo & Company lifted their price objective on shares of Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday. Stifel Nicolaus increased their target price on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Guggenheim raised their target price on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Performance

Shares of ESTC stock opened at $108.03 on Friday. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $96.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the previous year, the company posted ($0.35) earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. On average, sell-side analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Activity

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was 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 in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Large investors have recently modified their holdings of the business. Asset Dedication LLC grew its stake 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 purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the 2nd quarter valued at about $40,000. Quarry LP acquired a new stake in shares of Elastic in the second quarter valued at about $40,000. Lynx Investment Advisory bought a new position in shares of Elastic during the second quarter worth about $43,000. Finally, Signaturefd LLC lifted 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. 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.