Jefferies Financial Group Raises Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its target price lifted by Jefferies Financial Group from $110.00 to $135.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 24.97% from the company’s current price.

A number of other equities research analysts have also weighed in on ESTC. Citigroup boosted their price objective on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Bank of America upped their price objective on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. Canaccord Genuity Group cut their price target on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Piper Sandler boosted their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Oppenheimer boosted their price objective on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Up 14.8 %

Shares of NYSE ESTC opened at $108.03 on Friday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The stock’s fifty day simple moving average is $81.78 and its two-hundred day simple moving average is $97.04. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same period last year, the firm earned ($0.35) earnings per share. Elastic’s revenue was up 18.3% compared to the same quarter last year. As a group, analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $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 quarter, insiders sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of hedge funds and other institutional investors have recently modified their holdings of ESTC. Russell Investments Group Ltd. boosted its holdings in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after buying an additional 15,659 shares in the last quarter. ProShare Advisors LLC boosted its holdings in Elastic by 24.6% in the 1st quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock valued at $224,000 after purchasing an additional 441 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Elastic by 12.7% during the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares during the period. Toronto Dominion Bank acquired a new position in shares of Elastic during the 1st quarter worth $5,780,000. Finally, Lazard Asset Management LLC increased its holdings in Elastic by 44.1% in the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after buying an additional 1,179 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.