Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Wells Fargo & Company

Elastic (NYSE:ESTCGet Free Report) had its target price lifted by equities researchers at Wells Fargo & Company from $100.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 16.58% from the company’s previous close.

Several other research analysts have also weighed in on ESTC. DA Davidson lowered their target price on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Canaccord Genuity Group dropped their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Wedbush upgraded Elastic to a “hold” rating in a research report on Thursday, October 17th. TD Cowen lowered their target price on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Finally, Royal Bank of Canada cut their price target on Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.95.

Check Out Our Latest Stock Analysis on ESTC

Elastic Price Performance

Shares of NYSE ESTC opened at $115.80 on Friday. The stock has a fifty day moving average price of $80.71 and a 200 day moving average price of $97.05. Elastic has a 1-year low of $69.00 and a 1-year 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. The company has a market cap of $11.90 billion, a PE ratio of 210.80 and a beta of 0.94.

Elastic (NYSE:ESTCGet Free Report) last issued its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. Sell-side analysts forecast that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In other news, Director Paul R. Auvil III acquired 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The trade was a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. This represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. 15.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the second quarter worth about $248,335,000. FMR LLC grew its stake in Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Elastic during the 2nd quarter worth approximately $102,169,000. Atreides Management LP increased its holdings in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Elastic by 32,630.2% in the 2nd quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after purchasing an additional 613,774 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Elastic (NYSE:ESTC)

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