Elastic (NYSE:ESTC) Price Target Raised to $140.00 at Scotiabank

Elastic (NYSE:ESTC) had its target price boosted by Scotiabank from $127.00 to $140.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Several other analysts also recently issued reports on the stock. Piper Sandler increased their price objective on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Elastic in a research report on Tuesday. Wedbush downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Citigroup increased their price objective on shares of Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Truist Financial increased their price objective on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Stock Up 14.9 %

ESTC opened at $116.38 on Friday. The firm has a 50 day moving average price of $105.85 and a 200 day moving average price of $95.51. The company has a market cap of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

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

Insider Buying and Selling at Elastic

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently modified their holdings of the company. Slow Capital Inc. acquired a new position in shares of Elastic during the fourth quarter valued at $5,039,000. Wealth Effects LLC boosted its holdings in shares of Elastic by 25.4% during the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after acquiring an additional 5,830 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of Elastic during the third quarter valued at $585,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after acquiring an additional 14,590 shares during the period. Finally, Bangor Savings Bank acquired a new position in shares of Elastic during the fourth quarter valued at $1,657,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.