Scotiabank Boosts Elastic (NYSE:ESTC) Price Target to $135.00

Elastic (NYSE:ESTC) had its price objective boosted by Scotiabank from $92.00 to $135.00 in a research report report published on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

ESTC has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Friday. Barclays lifted their price objective on Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Royal Bank of Canada increased their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday. Canaccord Genuity Group raised their target price on shares of Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday. Finally, Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $95.00 to $135.00 in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Trading Up 14.8 %

NYSE ESTC opened at $108.03 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company’s 50-day moving average price is $81.78 and its 200-day moving average price is $96.91. The stock has a market cap of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. 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 (NYSE:ESTC) last issued its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the firm earned ($0.35) EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities research analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Elastic

In related news, CTO Shay Banon sold 2,666 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This trade 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. 15.90% of the stock is owned by corporate insiders.

Institutional Trading of Elastic

Large investors have recently made changes to their positions in the business. FMR LLC raised its holdings in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in Elastic during the 2nd quarter worth about $248,335,000. Atreides Management LP raised its stake in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the last quarter. State Street Corp lifted its holdings in shares of Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after buying an additional 31,663 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after buying an additional 50,355 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.