The Goldman Sachs Group Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price raised by The Goldman Sachs Group from $99.00 to $113.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms have also issued reports on ESTC. Robert W. Baird upgraded shares of Elastic from a “neutral” rating to an “outperform” rating and raised their target price for the company from $95.00 to $135.00 in a research note on Friday. Bank of America raised their price target on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. TD Cowen cut their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 target price on shares of Elastic in a report on Wednesday, November 20th. Finally, Jefferies Financial Group cut their price target on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday, August 30th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Price Performance

Shares of NYSE:ESTC opened at $108.03 on Friday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The business has a 50-day moving average of $81.78 and a two-hundred day moving average of $96.91. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

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

Insiders Place Their Bets

In related news, 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 cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at approximately $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. Over 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 corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ESTC. Advisors Asset Management Inc. increased its position in shares of Elastic by 12.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC grew its stake in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the period. M&T Bank Corp increased its holdings in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after acquiring an additional 139 shares in the last quarter. QRG Capital Management Inc. raised its position in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after purchasing an additional 201 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Elastic by 3.3% during the 3rd 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. 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.