Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price objective hoisted by Canaccord Genuity Group from $130.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 16.87% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. DA Davidson increased their target price on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Cantor Fitzgerald began coverage on shares of Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Elastic in a report on Friday, November 22nd. Wells Fargo & Company boosted their target price on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, Piper Sandler increased their price target on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.43.

Elastic Stock Up 14.1 %

NYSE ESTC traded up $14.24 on Friday, reaching $115.52. The company had a trading volume of 1,687,542 shares, compared to its average volume of 1,270,105. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $11.97 billion, a P/E ratio of 209.57 and a beta of 1.07. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06. The company’s fifty day moving average is $105.85 and its 200 day moving average is $95.51.

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 business had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares in the company, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several large investors have recently modified their holdings of the company. Sylebra Capital LLC boosted its holdings in Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after acquiring an additional 1,756,842 shares during the last quarter. FMR LLC raised its holdings in shares of 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 buying an additional 1,115,750 shares during the period. Norges Bank purchased a new position in Elastic in the 4th quarter worth approximately $102,485,000. Arrowstreet Capital Limited Partnership grew its holdings in Elastic by 5,972.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock valued at $73,751,000 after purchasing an additional 732,100 shares in the last quarter. Finally, Atreides Management LP increased its stake 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 buying an additional 614,309 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.