Elastic (NYSE:ESTC) Given New $130.00 Price Target at Piper Sandler

Elastic (NYSE:ESTC) had its price objective lifted by Piper Sandler from $100.00 to $130.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also commented on ESTC. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Elastic in a research note on Wednesday. William Blair upgraded shares of Elastic from a “market perform” rating to an “outperform” rating in a research report on Monday, October 14th. Bank of America upped their price target on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Barclays boosted their price objective on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial decreased their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

NYSE:ESTC opened at $107.94 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock’s 50-day simple moving average is $81.13 and its 200 day simple moving average is $97.04. The firm has a market capitalization of $11.09 billion, a PE ratio of 196.25 and a beta of 0.94.

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

Insider Activity at Elastic

In related news, insider Carolyn Herzog sold 4,489 shares of Elastic stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This trade represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its holdings in shares of Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the last quarter. 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 valued at $44,000 after buying an additional 119 shares during the period. M&T Bank Corp grew its holdings in Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during the period. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after acquiring an additional 219 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

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.