Analysts Set Elastic (NYSE:ESTC) Price Target at $125.70

Elastic (NYSE:ESTC) has been given an average recommendation of “Moderate Buy” by the twenty-six research firms that are covering the stock, Marketbeat Ratings reports. Seven 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. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $125.35.

A number of brokerages recently commented on ESTC. Wedbush cut Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler raised their price objective on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Citigroup boosted their price objective on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Cantor Fitzgerald assumed coverage on shares of Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 target price on the stock. Finally, Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd.

Insider Transactions at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 150,000 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total value of $16,638,000.00. Following the sale, the chief technology officer now owns 2,604,978 shares in the company, valued at $288,944,159.76. The trade was a 5.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock worth $18,637,562 in the last three months. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Large investors have recently made changes to their positions in the company. FMR LLC raised its position 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. Atreides Management LP boosted its position 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 valued at $129,555,000 after buying an additional 614,309 shares during the period. JAT Capital Mgmt LP grew its stake in shares of Elastic by 601.4% during the third quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock valued at $35,736,000 after buying an additional 399,175 shares during the last quarter. Thematics Asset Management raised its holdings in shares of Elastic by 463.3% in the third quarter. Thematics Asset Management now owns 444,012 shares of the company’s stock worth $34,082,000 after buying an additional 365,192 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Elastic by 256.3% during the 3rd quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock worth $28,387,000 after acquiring an additional 245,680 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Stock Up 0.3 %

ESTC opened at $104.39 on Tuesday. The firm’s 50 day simple moving average is $102.96 and its two-hundred day simple moving average is $95.30. The company has a market capitalization of $10.82 billion, a PE ratio of 189.81 and a beta of 1.06. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

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.