Elastic (NYSE:ESTC) Price Target Raised to $130.00 at Royal Bank of Canada

Elastic (NYSE:ESTC) had its target price lifted by equities research analysts at Royal Bank of Canada from $110.00 to $130.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 20.34% from the company’s current price.

ESTC has been the topic of several other reports. Jefferies Financial Group lowered their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Wells Fargo & Company raised their price target on Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday. Canaccord Genuity Group reduced their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Truist Financial lowered their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Bank of America upped their price target on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Performance

ESTC stock opened at $108.03 on Friday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 196.42 and a beta of 0.94. 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’s fifty day moving average is $81.78 and its two-hundred day moving average is $97.04.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period last year, the firm posted ($0.35) EPS. Elastic’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, research analysts predict that Elastic will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 2,666 shares of the 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 sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul R. Auvil III acquired 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently made changes to their positions in ESTC. Asset Dedication LLC raised its holdings in shares of Elastic by 1,333.3% during the 2nd 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 position in shares of Elastic during the 2nd quarter worth about $40,000. Quarry LP bought a new stake in shares of Elastic in the second quarter valued at approximately $40,000. Lynx Investment Advisory bought a new stake in Elastic in the 2nd quarter valued at $43,000. Finally, Signaturefd LLC lifted its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.