Royal Bank of Canada Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective lifted by Royal Bank of Canada from $110.00 to $130.00 in a report published on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

ESTC has been the subject of a number of other reports. DA Davidson cut their price target on Elastic from $100.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 30th. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday. Guggenheim began coverage on Elastic in a research note on Wednesday, September 11th. They issued a “buy” rating and a $100.00 target price for the company. Citigroup increased their price objective on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, UBS Group dropped their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

Shares of NYSE ESTC opened at $107.94 on Friday. 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 company’s 50-day moving average price is $81.13 and its 200 day moving average price is $97.04. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The stock has a market cap of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period in the prior year, the business earned ($0.35) earnings per share. The company’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, research analysts forecast that Elastic will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of Elastic 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 $315,352.25. Following the completion of the transaction, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last 90 days. 15.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in shares of 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 buying an additional 1,115,750 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in Elastic during the second quarter valued at about $248,335,000. Atreides Management LP boosted its stake in Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the period. State Street Corp boosted its position in shares of Elastic by 2.3% in the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after buying an additional 31,663 shares during the period. Finally, Geode Capital Management LLC grew its stake in 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 in the last quarter. 97.03% of the stock is currently owned by 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.