Guggenheim Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective upped by Guggenheim from $130.00 to $136.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 18.59% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Barclays upped their target price on shares of Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. Morgan Stanley initiated coverage on shares of Elastic in a report on Tuesday, December 17th. They issued an “overweight” rating and a $130.00 price objective for the company. Oppenheimer boosted their target price on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research report 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 report on Friday, November 22nd. Finally, Scotiabank reduced their target price on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $127.13.

Elastic Stock Performance

Shares of ESTC traded up $13.40 during trading hours on Friday, hitting $114.68. The company had a trading volume of 1,956,152 shares, compared to its average volume of 1,280,731. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The business has a fifty day moving average of $105.85 and a 200-day moving average of $95.51. The firm has a market cap of $11.88 billion, a price-to-earnings ratio of 208.77 and a beta of 1.07.

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

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

A number of large investors have recently modified their holdings of ESTC. Vanguard Group Inc. boosted its stake in shares of Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after buying an additional 168,483 shares during the period. FMR LLC raised its holdings 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 acquiring an additional 1,115,750 shares in the last quarter. Sylebra Capital LLC lifted its position in shares of Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock worth $339,820,000 after purchasing an additional 462,974 shares in the last quarter. Finally, Atreides Management LP increased its holdings in Elastic by 57.2% in the third 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. 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.