Elastic (NYSE:ESTC) Price Target Raised to $105.00 at Barclays

Elastic (NYSE:ESTC) had its price objective upped by Barclays from $95.00 to $105.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Tuesday, October 8th. UBS Group reduced their target price on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $140.00 to $94.00 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 report on Friday, August 30th. Finally, Piper Sandler decreased their price objective on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $104.19.

Elastic Stock Down 3.3 %

NYSE ESTC traded down $2.91 during mid-day trading on Friday, reaching $86.32. 1,776,617 shares of the company’s stock traded hands, compared to its average volume of 1,274,618. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The company has a fifty day simple moving average of $79.81 and a 200-day simple moving average of $97.47. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 157.02 and a beta of 0.94.

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

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 3,661 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $257,185.25. Following the transaction, the executive now owns 102,683 shares in the company, valued at $7,213,480.75. This trade represents a 3.44 % decrease in their position. 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 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 transaction of $315,352.25. Following the sale, the insider now owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This trade represents a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 over the last quarter. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Several large investors have recently made changes to their positions in ESTC. 1832 Asset Management L.P. bought a new stake in Elastic in the 2nd quarter valued at $248,335,000. FMR LLC lifted its stake in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Elastic during the second quarter worth about $102,169,000. Atreides Management LP increased its stake in Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after acquiring an additional 613,774 shares during the period. Institutional investors and hedge funds 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.