Elastic (NYSE:ESTC) Stock Price Expected to Rise, Barclays Analyst Says

Elastic (NYSE:ESTC) had its price target upped by Barclays from $105.00 to $138.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 19.82% from the company’s previous close.

A number of other equities analysts have also weighed in on ESTC. Scotiabank upped their price target on shares of Elastic from $92.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday. The Goldman Sachs Group raised their price target on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Piper Sandler increased their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday. Bank of America boosted their price target on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday. Finally, DA Davidson lifted their price objective on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday. Five research 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 data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $126.81.

Elastic Stock Performance

Shares of NYSE ESTC opened at $115.17 on Monday. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The firm has a market capitalization of $11.83 billion, a price-to-earnings ratio of 203.65 and a beta of 0.94. 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 has a 50 day moving average of $81.78 and a 200 day moving average of $96.91.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company 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. Elastic’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In related news, CFO Janesh Moorjani sold 6,941 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the transaction, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the transaction, the insider now owns 102,959 shares in the company, 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. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 in the last quarter. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently made changes to their positions in ESTC. Advisors Asset Management Inc. lifted 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 worth $106,000 after acquiring an additional 119 shares during the period. Signaturefd LLC raised its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. M&T Bank Corp lifted its position in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after buying an additional 219 shares during the period. Institutional investors 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.