Scotiabank Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price upped by Scotiabank from $92.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

ESTC has been the topic of a number of other research reports. Truist Financial lowered their price objective on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. The Goldman Sachs Group boosted their price target on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Bank of America lifted their target price on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday. UBS Group dropped their price target on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, DA Davidson reduced their price target on shares of Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

Elastic stock opened at $107.94 on Friday. The company has a fifty day simple moving average of $81.13 and a 200-day simple moving average of $97.04. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 52-week low of $69.00 and a 52-week high of $136.06.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the company earned ($0.35) EPS. Elastic’s revenue was up 18.3% compared to the same quarter last year. On average, equities analysts anticipate that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity

In other Elastic news, CEO Ashutosh Kulkarni sold 19,649 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares in the company, valued at $30,393,522. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the completion of the sale, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the company. 1832 Asset Management L.P. acquired a new position in Elastic in the second quarter valued at approximately $248,335,000. FMR LLC boosted its holdings in shares of Elastic by 25.6% in 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 in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Elastic in the 2nd quarter valued at $102,169,000. Atreides Management LP raised 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 acquiring an additional 614,309 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock valued at $70,129,000 after acquiring an additional 613,774 shares during the last quarter. 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.