Elastic (NYSE:ESTC) Price Target Raised to $113.00

Elastic (NYSE:ESTC) had its price target lifted by The Goldman Sachs Group from $99.00 to $113.00 in a research report sent to investors on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other analysts also recently issued reports on ESTC. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $95.00 to $135.00 in a report on Friday. Royal Bank of Canada reduced their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Canaccord Genuity Group dropped their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Stifel Nicolaus boosted their target price on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday. Finally, Wells Fargo & Company raised their price target on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus 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 stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The business’s fifty day moving average price is $81.78 and its 200 day moving average price is $96.91. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.35) EPS. Equities research analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Carolyn Herzog sold 4,489 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 transaction of $315,352.25. Following the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last ninety days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the period. 1832 Asset Management L.P. purchased a new stake in shares of Elastic in the second quarter valued at $248,335,000. Atreides Management LP boosted its position in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares during the period. State Street Corp grew its holdings in shares of Elastic by 2.3% during the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after buying an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Elastic by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after buying an additional 50,355 shares during the period. Institutional investors and hedge funds 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.