Elastic (NYSE:ESTC) Price Target Raised to $113.00 at The Goldman Sachs Group

Elastic (NYSE:ESTC) had its price objective increased by equities research analysts at The Goldman Sachs Group from $99.00 to $113.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 0.20% from the company’s current price.

ESTC has been the subject of a number of other research reports. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a research note on Monday, October 14th. Wells Fargo & Company boosted their price objective on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday. Baird R W downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Piper Sandler dropped their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Finally, Jefferies Financial Group decreased their price objective on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and an average target price of $111.14.

Elastic Stock Performance

NYSE:ESTC traded up $18.65 during trading hours on Friday, hitting $112.78. 3,119,653 shares of the company were exchanged, compared to its average volume of 1,302,963. Elastic has a 52-week low of $69.00 and a 52-week 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. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 204.49 and a beta of 0.94. The company’s 50 day moving average price is $80.71 and its 200-day moving average price is $97.05.

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

Insider Activity

In other Elastic news, CTO Shay Banon sold 2,666 shares of the firm’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 $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul R. Auvil III acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Large investors have recently made changes to their positions in the company. Asset Dedication LLC boosted its holdings in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in Elastic during the 2nd quarter worth approximately $40,000. Quarry LP purchased a new position in Elastic in the 2nd quarter valued at $40,000. Lynx Investment Advisory acquired a new stake in shares of Elastic in the 2nd quarter worth $43,000. Finally, Signaturefd LLC increased its stake in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.