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

Elastic (NYSE:ESTC) had its target price lifted by research analysts at Guggenheim from $100.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 11.08% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group lifted their target price on shares of Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday. Scotiabank dropped their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a report on Friday, August 30th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Barclays lifted their price target on Elastic from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler increased their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday. Six 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Elastic Stock Up 14.8 %

Shares of NYSE:ESTC opened at $108.03 on Friday. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. Elastic has a one year low of $69.00 and a one year high of $136.06. The firm has a fifty day moving average price of $81.78 and a two-hundred day moving average price of $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 (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The business had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the business earned ($0.35) earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. Analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost 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 of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction on Monday, September 9th. The stock was 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 directly owns 432,648 shares in the company, valued at approximately $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

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