Elastic (NYSE:ESTC) Price Target Raised to $150.00

Elastic (NYSE:ESTC) had its price objective boosted by Citigroup from $136.00 to $150.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on ESTC. Guggenheim lifted their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $95.00 to $135.00 in a research note on Friday, November 22nd. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Finally, Scotiabank increased their target price on shares of Elastic from $92.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.33.

Elastic Price Performance

Shares of NYSE ESTC opened at $110.13 on Monday. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm has a market capitalization of $11.32 billion, a PE ratio of 204.47 and a beta of 0.94. 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 business’s fifty day moving average price is $83.22 and its two-hundred day moving average price is $96.99.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period last year, the firm posted ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, research analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling

In other news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul R. Auvil III bought 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 198,551 shares of company stock valued at $20,506,656. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC grew its stake in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new position in Elastic in the second quarter worth approximately $40,000. Quarry LP bought a new position in Elastic during the second quarter valued at approximately $40,000. Lynx Investment Advisory acquired a new stake in Elastic in the second quarter valued at approximately $43,000. Finally, Signaturefd LLC grew its position in 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 in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.