Elastic (NYSE:ESTC) Price Target Raised to $148.00 at UBS Group

Elastic (NYSE:ESTC) had its price objective increased by equities research analysts at UBS Group from $140.00 to $148.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 29.19% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Wells Fargo & Company lifted their price objective on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. The Goldman Sachs Group lifted their price target on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Truist Financial increased their price objective on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average target price of $130.52.

Elastic Trading Up 13.1 %

NYSE:ESTC traded up $13.28 on Friday, reaching $114.56. The stock had a trading volume of 2,719,019 shares, compared to its average volume of 1,300,451. The firm’s fifty day moving average is $105.85 and its two-hundred day moving average is $95.51. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company has a market cap of $11.87 billion, a price-to-earnings ratio of 208.33 and a beta of 1.07. Elastic has a 12-month low of $69.00 and a 12-month high of $136.06.

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

Insider Transactions at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction dated 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 owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several hedge funds have recently bought and sold shares of ESTC. M&T Bank Corp increased its stake in Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after buying an additional 139 shares during the period. Sigma Planning Corp boosted its holdings in Elastic by 3.7% in the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock worth $389,000 after purchasing an additional 139 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after acquiring an additional 151 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 158 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in shares of Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares in 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.