JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $100.00 to $130.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 15.27% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada decreased their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Citigroup boosted their price target 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. Barclays lifted their target price on shares of Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Scotiabank decreased their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. Finally, Oppenheimer upped their target price on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Elastic currently has a consensus rating of “Moderate Buy” and an average target price of $111.14.

Elastic Price Performance

Shares of ESTC traded up $18.65 during trading hours on Friday, reaching $112.78. The stock had a trading volume of 3,119,653 shares, compared to its average volume of 1,302,963. The stock has a market capitalization of $11.59 billion, a PE ratio of 204.49 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The company’s 50-day moving average is $80.71 and its two-hundred day moving average is $97.05. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

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

Insider Buying and Selling at Elastic

In other Elastic news, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now directly owns 195,550 shares of the company’s stock, valued at approximately $13,737,387.50. This trade represents a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’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 transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC lifted its position in shares of Elastic by 131.9% in the third quarter. Virtu Financial LLC now owns 4,338 shares of the company’s stock worth $333,000 after buying an additional 2,467 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares during the last quarter. Vestcor Inc purchased a new position in shares of Elastic in the third quarter valued at $1,919,000. M&T Bank Corp increased its position in Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Elastic by 56.2% during the 3rd quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after buying an additional 55,084 shares in the last quarter. 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.