Elastic (NYSE:ESTC) Given New $130.00 Price Target at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price target upped by stock analysts at Canaccord Genuity Group from $110.00 to $130.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 20.34% from the company’s current price.

A number of other research firms have also recently weighed in on ESTC. Guggenheim started coverage on shares of Elastic in a research report on Wednesday, September 11th. They set a “buy” rating and a $100.00 price objective for the company. TD Cowen lowered their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Piper Sandler boosted their price objective on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Stifel Nicolaus lifted their target price on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

Elastic Stock Up 14.8 %

NYSE ESTC opened at $108.03 on Friday. The business has a fifty day moving average price of $81.78 and a 200 day moving average price of $97.04. The company has a market cap of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same period in the previous year, the firm earned ($0.35) EPS. Elastic’s revenue was up 18.3% on a year-over-year basis. Research analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. This represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock worth $2,627,772 in the last quarter. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Asset Dedication LLC raised its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic in the 2nd quarter worth about $40,000. Quarry LP acquired a new position in Elastic in the 2nd quarter valued at approximately $40,000. Lynx Investment Advisory purchased a new position in Elastic in the second quarter valued at about $43,000. Finally, Signaturefd LLC increased its holdings in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the last quarter. 97.03% of the stock is owned by 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.