Citigroup Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective lifted by equities researchers at Citigroup from $136.00 to $150.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 30.23% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Scotiabank upped their price target on Elastic from $92.00 to $135.00 and gave the company a “sector outperform” 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 from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Friday. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Elastic Stock Up 6.6 %

Elastic stock traded up $7.15 during midday trading on Monday, reaching $115.18. The stock had a trading volume of 917,240 shares, compared to its average volume of 1,321,529. 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 has a fifty day moving average price of $81.78 and a two-hundred day moving average price of $96.91. The company has a market capitalization of $11.83 billion, a P/E ratio of 208.91 and a beta of 0.94. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 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 company posted ($0.35) earnings per share. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, equities analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Transactions at Elastic

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the firm’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 completion of the sale, the insider now directly owns 102,959 shares in the company, valued at $7,232,869.75. This trade represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, 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. Over the last ninety days, insiders sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of hedge funds have recently modified their holdings of the business. Interval Partners LP bought a new stake in shares of Elastic in the 1st quarter worth approximately $1,704,000. Fifth Third Wealth Advisors LLC bought a new position in shares of Elastic during the third quarter valued at $1,262,000. WD Rutherford LLC purchased a new position in shares of Elastic in the 2nd quarter worth about $422,000. Assenagon Asset Management S.A. bought a new position in Elastic in the 2nd quarter worth about $102,169,000. Finally, Daventry Group LP increased its stake in Elastic by 8.6% during the 2nd quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after purchasing an additional 25,008 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.