Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Truist Financial

Elastic (NYSE:ESTC) had its target price upped by Truist Financial from $105.00 to $135.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $95.00 to $135.00 in a research note on Friday. Stifel Nicolaus upped their target price on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $120.00 price target on shares of Elastic in a research report on Wednesday. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Price Performance

Shares of NYSE:ESTC opened at $107.94 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm’s 50 day moving average is $81.13 and its two-hundred day moving average is $97.04. The firm has a market capitalization of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06.

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

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. This represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul R. Auvil III bought 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the transaction, the director now owns 22,627 shares in the company, 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 90 days, insiders sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in shares of Elastic by 993.0% during the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after acquiring an additional 15,659 shares during 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 during the period. Advisors Asset Management Inc. grew its position 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 buying an additional 119 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of Elastic during the 1st quarter worth approximately $5,780,000. Finally, Lazard Asset Management LLC increased its holdings in Elastic by 44.1% in the 1st 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 during the period. 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.