Elastic (NYSE:ESTC) Price Target Raised to $120.00

Elastic (NYSE:ESTC) had its price objective lifted by Bank of America from $94.00 to $120.00 in a report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also commented on the company. Scotiabank cut their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Tuesday, October 8th. UBS Group lowered 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. Jefferies Financial Group reduced their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Finally, Citigroup upped their price objective on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Trading Up 14.8 %

ESTC opened at $108.03 on Friday. The stock 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 quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a 50-day simple moving average of $81.78 and a 200 day simple moving average of $96.91.

Elastic (NYSE:ESTC) last issued its quarterly earnings results 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. The company had revenue of $347.42 million for 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 company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.35) EPS. Analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic 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 $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. This trade represents a 4.34 % decrease in their position. 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 three months. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC raised its stake in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new position in Elastic during the second quarter valued at approximately $40,000. Quarry LP bought a new stake in Elastic during the 2nd quarter worth approximately $40,000. Lynx Investment Advisory purchased a new stake in Elastic in the 2nd quarter worth approximately $43,000. Finally, Signaturefd LLC increased its holdings 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 purchasing an additional 119 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.