Jefferies Financial Group Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective upped by Jefferies Financial Group from $110.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 24.97% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Scotiabank reduced their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. The Goldman Sachs Group increased their target price on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America increased their price target on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. TD Cowen decreased their price objective on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $135.00 in a research note on Friday. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Price Performance

ESTC stock opened at $108.03 on Friday. The stock’s fifty day simple moving average is $81.78 and its 200-day simple moving average is $97.04. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. 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 (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter last year, the firm posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% on a year-over-year basis. Equities research analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its position in 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 in the last quarter. ProShare Advisors LLC lifted its position in Elastic by 24.6% during the 1st quarter. ProShare Advisors LLC now owns 2,232 shares of the company’s stock worth $224,000 after acquiring an additional 441 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after purchasing an additional 119 shares during the period. Toronto Dominion Bank bought a new position in Elastic during the first quarter worth $5,780,000. Finally, Lazard Asset Management LLC increased its holdings in shares of Elastic by 44.1% during the 1st quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock worth $385,000 after purchasing an additional 1,179 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.