JPMorgan Chase & Co. Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective raised by JPMorgan Chase & Co. from $100.00 to $130.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company raised their price target on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Baird R W lowered Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Royal Bank of Canada dropped their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, August 30th. Scotiabank dropped their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a report on Friday, August 30th. Finally, Bank of America lifted their price target on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Price Performance

Shares of ESTC opened at $107.94 on Friday. The stock has a market capitalization of $11.09 billion, a PE ratio of 196.25 and a beta of 0.94. The company has a 50 day moving average price of $81.13 and a 200-day moving average price of $97.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The business 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 13.54% and a net margin of 4.39%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period last year, the business posted ($0.35) EPS. Equities analysts predict that Elastic will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction dated 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 sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 37,406 shares of company stock valued at $2,627,772 in the last 90 days. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Advisors Asset Management Inc. boosted its holdings in Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after acquiring an additional 119 shares during the period. Signaturefd LLC lifted its position 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 purchasing an additional 119 shares in the last quarter. M&T Bank Corp lifted its position in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% in 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 during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Elastic by 3.3% in the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 shares in the last quarter. 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.