Elastic (NYSE:ESTC) Price Target Raised to $140.00 at Scotiabank

Elastic (NYSE:ESTC) had its price target boosted by analysts at Scotiabank from $127.00 to $140.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 20.29% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Guggenheim boosted their price objective on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday. Stifel Nicolaus boosted their price objective on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Truist Financial boosted their price objective on Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their price objective on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $131.09.

Elastic Stock Up 14.9 %

ESTC stock traded up $15.10 during trading on Friday, hitting $116.38. 4,170,173 shares of the company’s stock were exchanged, compared to its average volume of 1,340,198. The business has a 50-day moving average price of $105.85 and a two-hundred day moving average price of $95.51. The stock has a market capitalization of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, equities research analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the sale, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in Elastic during the fourth quarter worth $25,000. Geneos Wealth Management Inc. purchased a new stake in shares of Elastic in the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic in the fourth quarter valued at $26,000. Venturi Wealth Management LLC boosted its stake in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after purchasing an additional 158 shares in the last quarter. 97.03% of the stock is currently 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.