Oppenheimer Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective raised by Oppenheimer from $125.00 to $140.00 in a report released on Friday morning, Marketbeat.com reports. They currently have an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. Bank of America raised their target price on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Royal Bank of Canada cut their price objective on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 30th. Jefferies Financial Group decreased 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. Guggenheim assumed coverage on shares of Elastic in a report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target for the company. Finally, Baird R W downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Six 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Up 14.8 %

Shares of ESTC stock opened at $108.03 on Friday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The stock has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The stock has a 50 day moving average of $81.78 and a 200 day moving average of $96.91. 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 posted its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) EPS. As a group, sell-side analysts expect that Elastic will post -0.92 EPS for the current year.

Insider Activity

In other news, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul R. Auvil III acquired 20,000 shares of the firm’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 completion of the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The trade was 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 valued at $2,627,772. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. purchased a new position in shares of Elastic during the 2nd quarter worth $248,335,000. FMR LLC lifted its position in 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 last quarter. Assenagon Asset Management S.A. purchased a new position in Elastic during the second quarter worth about $102,169,000. Atreides Management LP increased its position in shares of 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 last quarter. Finally, Federated Hermes Inc. raised its stake 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 valued at $70,129,000 after acquiring an additional 613,774 shares during the period. Hedge funds and other institutional investors 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.