Mizuho Increases Elastic (NYSE:ESTC) Price Target to $119.00

Elastic (NYSE:ESTC) had its price target upped by investment analysts at Mizuho from $100.00 to $119.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s target price indicates a potential upside of 39.68% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $130.00 price target on shares of Elastic in a report on Friday. Cowen reiterated a “hold” rating on shares of Elastic in a research report on Friday. Oppenheimer reissued an “outperform” rating on shares of Elastic in a report on Friday. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Elastic in a report on Friday. Finally, Guggenheim increased their price objective on Elastic from $107.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.20.

Elastic Price Performance

Elastic stock opened at $85.19 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.92 and a quick ratio of 1.92. The business has a 50 day simple moving average of $82.73 and a 200-day simple moving average of $87.87. Elastic has a 12 month low of $69.00 and a 12 month high of $118.84. The stock has a market capitalization of $8.99 billion, a PE ratio of -106.49 and a beta of 1.07.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. The company had revenue of $388.43 million for the quarter, compared to analysts’ expectations of $380.61 million. Elastic had a negative net margin of 5.38% and a negative return on equity of 1.73%. Elastic’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 EPS. Equities analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Buying and Selling at Elastic

In related news, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $444,718.47. Following the completion of the transaction, the chief technology officer directly owned 4,560,291 shares in the company, valued at $396,334,890.81. The trade was a 0.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ken Exner sold 6,918 shares of the firm’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $601,243.38. Following the transaction, the insider directly owned 230,494 shares of the company’s stock, valued at $20,032,233.54. The trade was a 2.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds have recently made changes to their positions in ESTC. Orion Porfolio Solutions LLC increased its stake in Elastic by 5.4% in the second quarter. Orion Porfolio Solutions LLC now owns 8,475 shares of the company’s stock valued at $715,000 after purchasing an additional 437 shares during the last quarter. Promus Capital LLC purchased a new stake in Elastic in the 2nd quarter valued at about $45,000. Marex Group plc acquired a new position in shares of Elastic during the 2nd quarter valued at about $266,000. State of Wyoming purchased a new position in shares of Elastic during the 2nd quarter worth about $721,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Elastic during the 2nd quarter worth about $425,000. Institutional investors and hedge funds 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.