Elastic (NYSE:ESTC) Given New $140.00 Price Target at Morgan Stanley

Elastic (NYSE:ESTC) had its price objective hoisted by investment analysts at Morgan Stanley from $130.00 to $140.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 23.11% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $130.00 price target on shares of Elastic in a report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday, November 22nd. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. DA Davidson boosted their price objective on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Guggenheim boosted their price objective on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $128.22.

Elastic Price Performance

Shares of NYSE ESTC traded up $12.44 on Friday, hitting $113.72. The company’s stock had a trading volume of 2,496,926 shares, compared to its average volume of 1,294,364. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 206.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a 50 day moving average of $105.85 and a 200-day moving average of $95.51.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. As a group, research analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % 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 this link. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. M&T Bank Corp boosted its stake in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after purchasing an additional 139 shares during the period. Sigma Planning Corp boosted its stake in Elastic by 3.7% during the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after acquiring an additional 139 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after acquiring an additional 151 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Elastic by 7.0% during the 3rd 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 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.