Elastic (NYSE:ESTC) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Elastic (NYSE:ESTC) had its price target upped by analysts at Robert W. Baird from $135.00 to $140.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 20.66% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Stifel Nicolaus lifted their price target on shares of Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Jefferies Financial Group lifted their price objective on shares of Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. DA Davidson lifted their price objective on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Citigroup lifted their price objective on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Seven 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.22.

Elastic Stock Performance

Shares of ESTC stock opened at $116.03 on Friday. The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 210.48 and a beta of 1.07. The company’s 50 day moving average is $105.85 and its 200 day moving average is $95.51. 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 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last released its quarterly earnings results 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). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. On average, sell-side analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was 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 this link. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Sylebra Capital LLC increased its stake in shares of Elastic by 62.6% during the fourth 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 in the last quarter. FMR LLC increased its stake in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares in the last quarter. Norges Bank purchased a new stake in shares of Elastic during the fourth quarter worth about $102,485,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Elastic by 5,972.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock worth $73,751,000 after purchasing an additional 732,100 shares in the last quarter. Finally, Atreides Management LP increased its stake in shares of Elastic by 57.2% during the third 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 in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.