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

Elastic (NYSE:ESTC) had its price objective upped by The Goldman Sachs Group from $99.00 to $113.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 0.20% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Guggenheim began coverage on shares of Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. UBS Group lowered their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 30th. TD Cowen reduced their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Finally, Royal Bank of Canada dropped their price objective on Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. Seven research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average target price of $111.14.

Elastic Trading Up 19.8 %

Shares of ESTC traded up $18.65 during trading hours on Friday, hitting $112.78. 3,119,653 shares of the stock traded hands, compared to its average volume of 1,302,963. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The business has a fifty day moving average of $80.71 and a 200-day moving average of $97.05. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $11.59 billion, a PE ratio of 204.49 and a beta of 0.94.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) earnings per share. Analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other Elastic news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 in the last 90 days. 15.90% of the stock is currently owned by insiders.

Institutional Trading of Elastic

Several hedge funds have recently modified their holdings of ESTC. Advisors Asset Management Inc. increased its stake in Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares during the last quarter. Signaturefd LLC grew its stake in Elastic by 44.1% in the 2nd 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. M&T Bank Corp increased its position in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the period. QRG Capital Management Inc. raised its position in Elastic by 7.0% during the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after buying an additional 219 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.