Bank of America Boosts Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC) had its price target hoisted by equities researchers at Bank of America from $94.00 to $120.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 26.89% from the company’s previous close.

ESTC has been the subject of a number of other research reports. Jefferies Financial Group decreased their price target on shares of Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $95.00 to $135.00 in a report on Friday. Rosenblatt Securities restated a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday. Stifel Nicolaus decreased their price target on Elastic from $120.00 to $98.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, Baird R W cut Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.57.

Elastic Trading Up 6.8 %

ESTC opened at $94.57 on Friday. The firm has a market capitalization of $9.72 billion, a P/E ratio of 171.95 and a beta of 0.94. The firm’s 50 day moving average is $80.71 and its 200-day moving average is $97.05. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly 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 negative return on equity of 17.54% and a net margin of 4.62%. The business had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue was up 18.3% compared to the same quarter last year. Analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 2,666 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 $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul R. Auvil III bought 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares of the company’s stock, valued at $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 worth $2,627,772. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of the company. 1832 Asset Management L.P. acquired a new stake in shares of Elastic in the second quarter valued at $248,335,000. FMR LLC raised its position in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after acquiring an additional 1,115,750 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Elastic during the 2nd quarter valued at about $102,169,000. Atreides Management LP grew its stake in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. raised 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 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.