Royal Bank of Canada Boosts Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC) had its target price upped by stock analysts at Royal Bank of Canada from $110.00 to $130.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 20.34% from the company’s previous close.

ESTC has been the topic of several other reports. Citigroup raised their target price on shares of 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 reissued a “hold” rating on shares of Elastic in a research note on Friday. Truist Financial cut their target price on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Jefferies Financial Group lowered their price target on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $95.00 to $135.00 in a research note on Friday. Six 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Trading Up 14.8 %

Shares of Elastic stock opened at $108.03 on Friday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The business’s fifty day moving average is $81.78 and its two-hundred day moving average is $97.04. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping 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 firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. Analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Paul R. Auvil III acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the acquisition, the director now directly owns 22,627 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Shay Banon sold 2,666 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 $187,286.50. Following the completion of the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last three months. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

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