Jefferies Financial Group Raises Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its price objective raised by research analysts at Jefferies Financial Group from $110.00 to $135.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price indicates a potential upside of 24.29% from the company’s previous close.

A number of other analysts have also recently commented on ESTC. Baird R W cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price target on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. UBS Group decreased their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Piper Sandler increased their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Oppenheimer increased their target price on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $115.67.

Elastic Stock Performance

ESTC traded up $14.49 during midday trading on Friday, reaching $108.62. The company had a trading volume of 5,250,550 shares, compared to its average volume of 1,311,841. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a market cap of $11.16 billion, a PE ratio of 197.49 and a beta of 0.94. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06. The business has a 50-day moving average price of $80.71 and a two-hundred day moving average price of $97.05.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.35) earnings per share. On average, sell-side analysts expect that Elastic will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other news, CEO Ashutosh Kulkarni sold 19,649 shares of Elastic 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 $1,380,342.25. Following the completion of the sale, the chief executive officer now directly owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Carolyn Herzog sold 4,489 shares of Elastic 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 $315,352.25. Following the completion of the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,406 shares of company stock worth $2,627,772 over the last three months. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the business. Asset Dedication LLC boosted its holdings in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Elastic in the second quarter worth $40,000. Quarry LP purchased a new position in shares of Elastic in the second quarter worth $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic in the second quarter worth $43,000. Finally, Signaturefd LLC increased its position in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.