Elastic (NYSE:ESTC) Price Target Raised to $83.00 at The Goldman Sachs Group

Elastic (NYSE:ESTC) had its price target hoisted by The Goldman Sachs Group from $73.00 to $83.00 in a research report released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other research analysts also recently commented on ESTC. DA Davidson initiated coverage on shares of Elastic in a research report on Friday, June 16th. They set a neutral rating and a $60.00 target price on the stock. Robert W. Baird boosted their price objective on shares of Elastic from $80.00 to $85.00 in a research note on Friday, September 1st. Citigroup dropped their target price on Elastic from $90.00 to $87.00 and set a buy rating on the stock in a research report on Monday, August 28th. Royal Bank of Canada boosted their price target on Elastic from $84.00 to $87.00 and gave the stock an outperform rating in a research report on Friday, September 1st. Finally, Barclays raised their price objective on Elastic from $83.00 to $86.00 and gave the company an overweight rating in a research report on Friday, September 1st. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $78.44.

Elastic Price Performance

ESTC opened at $75.02 on Tuesday. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of -33.49 and a beta of 1.01. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.42. Elastic has a 12-month low of $46.18 and a 12-month high of $91.30. The business’s fifty day simple moving average is $64.14 and its 200-day simple moving average is $62.07.

Insider Buying and Selling

In other Elastic news, insider Carolyn Herzog sold 1,320 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $64.20, for a total transaction of $84,744.00. Following the sale, the insider now owns 84,643 shares in the company, valued at approximately $5,434,080.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Jonathan Chadwick sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $66.31, for a total transaction of $1,657,750.00. Following the completion of the transaction, the director now owns 7,729 shares of the company’s stock, valued at $512,509.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 1,320 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $64.20, for a total transaction of $84,744.00. Following the completion of the sale, the insider now directly owns 84,643 shares in the company, valued at $5,434,080.60. The disclosure for this sale can be found here. Insiders sold 372,694 shares of company stock worth $25,962,227 in the last 90 days. Insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley grew its stake in shares of Elastic by 830.2% during the 4th quarter. Morgan Stanley now owns 4,413,451 shares of the company’s stock worth $227,293,000 after purchasing an additional 3,938,975 shares during the period. Baillie Gifford & Co. grew its position in Elastic by 29.2% during the first quarter. Baillie Gifford & Co. now owns 7,634,113 shares of the company’s stock valued at $442,015,000 after buying an additional 1,723,842 shares during the period. Pictet Asset Management SA grew its position in Elastic by 19,872.7% during the first quarter. Pictet Asset Management SA now owns 1,669,914 shares of the company’s stock valued at $96,688,000 after buying an additional 1,661,553 shares during the period. Norges Bank purchased a new position in Elastic in the fourth quarter valued at $40,308,000. Finally, Scopia Capital Management LP acquired a new position in shares of Elastic in the first quarter worth about $44,394,000. Institutional investors and hedge funds own 74.66% 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.