Elastic (NYSE:ESTC) Price Target Increased to $85.00 by Analysts at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price target raised by Canaccord Genuity Group from $79.00 to $85.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the stock.

ESTC has been the topic of several other reports. Wells Fargo & Company lifted their target price on Elastic from $67.00 to $70.00 and gave the stock an equal weight rating in a report on Friday. Bank of America decreased their target price on shares of Elastic from $80.00 to $78.00 and set a buy rating for the company in a research report on Monday, August 28th. Citigroup dropped their price target on shares of Elastic from $90.00 to $87.00 and set a buy rating on the stock in a research report on Monday, August 28th. Wedbush reiterated a neutral rating and set a $67.00 price objective on shares of Elastic in a research report on Tuesday, July 18th. Finally, Stifel Nicolaus upped their price target on shares of Elastic from $70.00 to $83.00 and gave the company a buy rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $77.39.

Elastic Stock Up 20.0 %

Shares of NYSE:ESTC opened at $74.27 on Friday. Elastic has a 52-week low of $46.18 and a 52-week high of $91.30. The company has a market capitalization of $7.23 billion, a PE ratio of -29.95 and a beta of 1.00. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.78 and a current ratio of 1.78. The company has a fifty day moving average of $63.42 and a 200-day moving average of $61.80.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, June 1st. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.13. The firm had revenue of $279.94 million for the quarter, compared to analyst estimates of $277.63 million. Elastic had a negative return on equity of 46.49% and a negative net margin of 22.09%. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the firm posted ($0.64) earnings per share. On average, equities analysts predict that Elastic will post -1.19 EPS for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 151,994 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $70.43, for a total value of $10,704,937.42. Following the transaction, the chief technology officer now directly owns 8,093,854 shares of the company’s stock, valued at $570,050,137.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Janesh Moorjani sold 6,437 shares of Elastic stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $70.41, for a total transaction of $453,229.17. Following the transaction, the chief financial officer now owns 171,798 shares of the company’s stock, valued at $12,096,297.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Shay Banon sold 151,994 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $70.43, for a total value of $10,704,937.42. Following the completion of the sale, the chief technology officer now directly owns 8,093,854 shares of the company’s stock, valued at $570,050,137.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 372,694 shares of company stock valued at $25,962,227. 18.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of Elastic by 17.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,780 shares of the company’s stock valued at $514,000 after purchasing an additional 848 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Elastic by 9.5% during the 1st quarter. HighTower Advisors LLC now owns 6,472 shares of the company’s stock worth $576,000 after buying an additional 564 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Elastic during the first quarter worth $295,000. Rhumbline Advisers boosted its holdings in shares of Elastic by 3.2% in the 1st quarter. Rhumbline Advisers now owns 72,555 shares of the company’s stock worth $6,454,000 after buying an additional 2,274 shares during the last quarter. Finally, BlackRock Inc. grew its position in Elastic by 4.8% during the first quarter. BlackRock Inc. now owns 5,616,149 shares of the company’s stock valued at $499,557,000 after buying an additional 259,742 shares during the period. 74.66% of the stock is owned by hedge funds and other institutional investors.

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.