Wells Fargo & Company Raises Elastic (NYSE:ESTC) Price Target to $150.00

Elastic (NYSE:ESTC) had its target price lifted by equities research analysts at Wells Fargo & Company from $135.00 to $150.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 28.88% from the stock’s current price.

Several other research firms have also issued reports on ESTC. JPMorgan Chase & Co. upped their price target on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. DA Davidson upped their price objective on Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Scotiabank lowered their price objective on Elastic from $135.00 to $127.00 and set a “sector outperform” rating for the company in a research note on Tuesday, January 21st. Rosenblatt Securities restated a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Finally, Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Seven investment 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.com, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Stock Performance

ESTC stock opened at $116.38 on Friday. 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 firm has a market cap of $12.06 billion, a P/E ratio of 211.61 and a beta of 1.07. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The stock’s 50 day simple moving average is $106.11 and its 200 day simple moving average is $95.52.

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

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESTC. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Elastic during the fourth quarter valued at $3,558,000. Jefferies Financial Group Inc. purchased a new stake in Elastic during the fourth quarter valued at about $456,000. Infinitum Asset Management LLC acquired a new position in shares of Elastic in the fourth quarter worth about $6,936,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Elastic by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock worth $2,963,000 after buying an additional 359 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of Elastic in the fourth quarter worth approximately $26,000. 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.