Canaccord Genuity Group Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective increased by Canaccord Genuity Group from $130.00 to $135.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 16.87% from the company’s current price.

ESTC has been the topic of a number of other research reports. The Goldman Sachs Group lifted their price target on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald started coverage on shares of Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. Finally, Bank of America lifted their target price on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.43.

Elastic Price Performance

Shares of NYSE ESTC traded up $14.24 during midday trading on Friday, reaching $115.52. The company’s stock had a trading volume of 1,687,542 shares, compared to its average volume of 1,270,105. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a market cap of $11.97 billion, a price-to-earnings ratio of 209.57 and a beta of 1.07. The company has a 50 day moving average price of $105.85 and a 200 day moving average price of $95.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

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

Insider Activity

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

Institutional Trading of Elastic

A number of institutional investors have recently modified their holdings of ESTC. Private Advisor Group LLC acquired a new stake in shares of Elastic during the 3rd quarter worth approximately $211,000. Van ECK Associates Corp acquired a new stake in shares of Elastic during the third quarter worth $2,540,000. Fernwood Investment Management LLC raised its stake in Elastic by 1.3% during the third quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock worth $2,046,000 after buying an additional 350 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after buying an additional 201 shares during the period. Finally, Fiera Capital Corp bought a new stake in Elastic during the third quarter valued at $15,623,000. 97.03% of the stock is currently owned by institutional investors.

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.