Truist Financial Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

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

Other equities research analysts have also issued reports about the stock. Oppenheimer lifted their price target on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. Baird R W cut Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Barclays boosted their target price on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada boosted their price target on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Citigroup increased their price objective on Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Price Performance

ESTC opened at $107.94 on Friday. The company’s 50 day simple moving average is $81.13 and its 200-day simple moving average is $97.04. The stock has a market capitalization of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last issued 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. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. Elastic’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.35) EPS. Sell-side analysts anticipate that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Janesh Moorjani sold 6,941 shares of the business’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 value of $487,605.25. Following the completion of the transaction, the chief financial officer now directly owns 195,550 shares in the company, valued at approximately $13,737,387.50. The trade was a 3.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’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 $1,380,342.25. Following the sale, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at approximately $30,393,522. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in shares of Elastic by 993.0% in the 1st quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock valued at $1,728,000 after purchasing an additional 15,659 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of 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 buying an additional 441 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after buying an additional 119 shares in the last quarter. Toronto Dominion Bank acquired a new stake in Elastic in the first quarter valued at about $5,780,000. Finally, Lazard Asset Management LLC grew its position in Elastic by 44.1% in the first quarter. Lazard Asset Management LLC now owns 3,851 shares of the company’s stock valued at $385,000 after acquiring an additional 1,179 shares during the last quarter. 97.03% of the stock is currently 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.