Elastic (NYSE:ESTC) Price Target Raised to $138.00

Elastic (NYSE:ESTC) had its price objective upped by analysts at Barclays from $105.00 to $138.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 19.82% from the stock’s previous close.

A number of other brokerages have also commented on ESTC. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday. UBS Group decreased their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Citigroup raised their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Scotiabank increased their target price on Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday. Finally, TD Cowen decreased their price target on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.81.

Elastic Price Performance

ESTC opened at $115.17 on Monday. 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 has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a fifty day moving average price of $81.78 and a 200 day moving average price of $96.91. The stock has a market cap of $11.83 billion, a price-to-earnings ratio of 203.65 and a beta of 0.94.

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 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 in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Analysts forecast that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Elastic

Several institutional investors have recently bought and sold shares of ESTC. 1832 Asset Management L.P. purchased a new position in shares of Elastic during the second quarter valued at about $248,335,000. FMR LLC raised its stake in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Elastic in the 2nd quarter worth about $102,169,000. Atreides Management LP grew its holdings in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after purchasing an additional 613,774 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other 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.