Robert W. Baird Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price target increased by Robert W. Baird from $135.00 to $140.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 20.29% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Guggenheim upped their target price on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Royal Bank of Canada upped their price objective on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Piper Sandler upped their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Cantor Fitzgerald initiated coverage on shares of Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $131.09.

Elastic Trading Up 14.9 %

NYSE:ESTC opened at $116.38 on Friday. Elastic has a 12 month low of $69.00 and a 12 month 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. The stock has a market capitalization of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07. The firm has a fifty day simple moving average of $106.11 and a two-hundred day simple moving average of $95.52.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The firm had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Slow Capital Inc. purchased a new stake in Elastic during the fourth quarter valued at about $5,039,000. Wealth Effects LLC lifted its stake in shares of Elastic by 25.4% during the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after buying an additional 5,830 shares in the last quarter. Blueshift Asset Management LLC bought a new position in Elastic in the 3rd quarter worth approximately $585,000. Charles Schwab Investment Management Inc. grew its stake in Elastic by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after buying an additional 14,590 shares in the last quarter. Finally, Bangor Savings Bank bought a new stake in Elastic during the 4th quarter valued at $1,657,000. Institutional investors 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.