Elastic (NYSE:ESTC) Stock Price Expected to Rise, DA Davidson Analyst Says

Elastic (NYSE:ESTC) had its target price lifted by equities research analysts at DA Davidson from $75.00 to $115.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target would suggest a potential upside of 6.45% from the company’s previous close.

A number of other brokerages have also recently weighed in on ESTC. Stifel Nicolaus raised their target price on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Wedbush raised shares of Elastic to a “hold” rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their price objective on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Truist Financial increased their target price on Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Price Performance

NYSE ESTC traded up $13.90 during trading hours on Friday, reaching $108.03. The company’s stock had a trading volume of 7,698,278 shares, compared to its average volume of 1,323,133. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. The company’s 50-day moving average is $81.13 and its two-hundred day moving average is $97.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period in the prior year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, equities analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Transactions at Elastic

In related news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the sale, the chief executive officer now owns 432,648 shares in the company, valued at approximately $30,393,522. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC acquired a new position in shares of Elastic during the second quarter worth about $40,000. Quarry LP bought a new position in shares of Elastic during the second quarter worth about $40,000. Lynx Investment Advisory bought a new stake in Elastic in the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC boosted its position in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. 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.