Elastic (NYSE:ESTC) Price Target Raised to $135.00

Elastic (NYSE:ESTC) had its price target increased by research analysts at Piper Sandler from $130.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 33.59% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price target on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Stifel Nicolaus increased their price objective on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley started coverage on shares of Elastic in a report on Tuesday, December 17th. They issued an “overweight” rating and a $130.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $126.00.

Elastic Trading Down 2.4 %

NYSE:ESTC opened at $101.05 on Friday. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of 183.73 and a beta of 1.07. The business’s 50-day moving average price is $105.85 and its two-hundred day moving average price is $95.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, equities analysts expect that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s 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 sale, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC acquired a new stake in shares of Elastic during the 3rd quarter worth $211,000. Van ECK Associates Corp acquired a new stake in Elastic during the third quarter worth about $2,540,000. Fernwood Investment Management LLC increased its holdings in Elastic by 1.3% in the 3rd quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock valued at $2,046,000 after buying an additional 350 shares during the period. QRG Capital Management Inc. raised its position in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after buying an additional 201 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Elastic during the 3rd quarter worth approximately $15,623,000. Institutional investors own 97.03% of the company’s stock.

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.