Royal Bank of Canada Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective boosted by Royal Bank of Canada from $110.00 to $130.00 in a report released on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. DA Davidson lowered their price objective on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, August 30th. Piper Sandler dropped their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. Oppenheimer upped their price objective on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. The Goldman Sachs Group lifted their target price on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Scotiabank reduced their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Up 14.8 %

NYSE:ESTC opened at $108.03 on Friday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a 50-day moving average price of $81.78 and a two-hundred day moving average price of $96.91. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

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, beating the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period in the previous year, the firm earned ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, equities analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the firm’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 $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This trade represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its stake in shares of Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after acquiring an additional 119 shares in the last quarter. Signaturefd LLC raised its position in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the period. 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 worth $235,000 after acquiring an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after acquiring an additional 219 shares in the last quarter. Institutional investors 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.