Elastic (NYSE:ESTC) Shares Gap Up After Analyst Upgrade

Elastic (NYSE:ESTC)’s share price gapped up before the market opened on Friday after Scotiabank raised their price target on the stock from $127.00 to $140.00. The stock had previously closed at $101.28, but opened at $113.00. Scotiabank currently has a sector outperform rating on the stock. Elastic shares last traded at $114.16, with a volume of 680,032 shares traded.

A number of other analysts also recently weighed in on ESTC. Royal Bank of Canada upped 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. JPMorgan Chase & Co. upped their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. UBS Group upped their price target on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday. Citigroup upped their price target on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Cantor Fitzgerald began coverage on shares of Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 price target for the company. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.09.

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Large investors have recently modified their holdings of the company. Slow Capital Inc. acquired a new stake in shares of Elastic during the fourth quarter worth $5,039,000. Wealth Effects LLC increased its position in shares of Elastic by 25.4% during the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after buying an additional 5,830 shares during the period. Blueshift Asset Management LLC acquired a new stake in shares of Elastic during the third quarter worth $585,000. Charles Schwab Investment Management Inc. increased its position in shares of Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after buying an additional 14,590 shares during the period. Finally, Bangor Savings Bank acquired a new stake in shares of Elastic during the fourth quarter worth $1,657,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Stock Performance

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company’s 50-day moving average price is $105.85 and its two-hundred day moving average price is $95.51. The company has a market capitalization of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share 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 for the quarter, compared to analyst estimates of $368.85 million. On average, equities research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

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.