Wells Fargo & Company Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective hoisted by Wells Fargo & Company from $135.00 to $150.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 31.64% from the stock’s previous close.

ESTC has been the topic of a number of other reports. Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Morgan Stanley initiated coverage on shares of Elastic in a report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 target price for the company. Truist Financial increased their price target on Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Canaccord Genuity Group lifted their price objective on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus increased their target price on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven equities research 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $127.78.

Elastic Price Performance

Shares of ESTC stock traded up $12.67 during trading hours on Friday, reaching $113.95. 2,293,723 shares of the company were exchanged, compared to its average volume of 1,290,725. 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 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock’s fifty day moving average is $105.85 and its two-hundred day moving average is $95.51. The company has a market cap of $11.81 billion, a price-to-earnings ratio of 206.84 and a beta of 1.07.

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

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC acquired a new position in shares of Elastic during the 3rd quarter worth about $211,000. Van ECK Associates Corp bought a new stake in Elastic during the third quarter worth about $2,540,000. Fernwood Investment Management LLC boosted its position in Elastic by 1.3% during the third quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock valued at $2,046,000 after purchasing an additional 350 shares during the last quarter. QRG Capital Management Inc. boosted its position in Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares during the last quarter. Finally, Fiera Capital Corp bought a new position in Elastic in the third quarter valued at approximately $15,623,000. 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.