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

Elastic (NYSE:ESTC) had its price objective increased by stock analysts at Bank of America from $94.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm 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. Barclays increased their target price on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. William Blair raised Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Jefferies Financial Group lowered their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Finally, Royal Bank of Canada decreased their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Seven investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus price target of $106.57.

Elastic Trading Up 6.8 %

Shares of ESTC opened at $94.57 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. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The stock has a market capitalization of $9.72 billion, a P/E ratio of 171.95 and a beta of 0.94. The business’s 50-day moving average price is $80.71 and its 200 day moving average price is $97.05.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) earnings per share. Analysts expect that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 2,666 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 value of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $315,352.25. Following the transaction, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was 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 sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors have recently added to or reduced their stakes in ESTC. Toronto Dominion Bank acquired a new position in shares of Elastic in the 1st quarter worth approximately $5,780,000. Interval Partners LP acquired a new position in Elastic during the first quarter worth $1,704,000. Russell Investments Group Ltd. lifted its holdings in shares of Elastic by 993.0% during the first 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 period. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Elastic in the 3rd quarter valued at $1,262,000. Finally, WD Rutherford LLC acquired a new stake in shares of Elastic during the 2nd quarter worth about $422,000. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Company Profile

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.