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

Elastic (NYSE:ESTC) had its price target boosted by research analysts at Truist Financial from $105.00 to $135.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 25.19% from the stock’s previous close.

A number of other brokerages have also issued reports on ESTC. Citigroup increased their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Rosenblatt Securities restated a “buy” rating and issued a $120.00 price target on shares of Elastic in a research report on Wednesday. Oppenheimer increased their target price on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. JPMorgan Chase & Co. boosted their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Canaccord Genuity Group lifted their price objective on Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus target price of $120.10.

Elastic Trading Up 14.6 %

NYSE ESTC traded up $13.71 during trading hours on Friday, hitting $107.84. The company’s stock had a trading volume of 5,559,594 shares, compared to its average volume of 1,313,711. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The stock has a fifty day moving average of $80.71 and a 200 day moving average of $97.05. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $11.08 billion, a P/E ratio of 196.35 and a beta of 0.94.

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

Insider Activity at Elastic

In related news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction on 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 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 19,649 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 $1,380,342.25. Following the completion of the transaction, the chief executive officer now directly owns 432,648 shares of the company’s stock, valued at $30,393,522. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the period. Signaturefd LLC grew its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. M&T Bank Corp grew its stake in Elastic by 3.1% during the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after buying an additional 139 shares during the last quarter. QRG Capital Management Inc. lifted its position in Elastic by 7.0% in the 3rd 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 during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock worth $523,000 after buying an additional 219 shares in the last quarter. 97.03% of the stock is 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.