Elastic (NYSE:ESTC) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Elastic (NYSE:ESTCFree Report) had its target price raised by Morgan Stanley from $130.00 to $140.00 in a research report report published on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group boosted their target price on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. raised their target price on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Wedbush cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Elastic currently has an average rating of “Moderate Buy” and an average price target of $131.09.

Read Our Latest Stock Report on Elastic

Elastic Trading Up 14.9 %

NYSE:ESTC opened at $116.38 on Friday. The firm has a market capitalization of $12.06 billion, a P/E ratio of 211.61 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average of $105.85 and a 200 day moving average of $95.51. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06.

Elastic (NYSE:ESTCGet Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $368.85 million. On average, research analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after buying an additional 168,483 shares during the last quarter. FMR LLC grew its stake in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after acquiring an additional 1,115,750 shares during the period. Sylebra Capital LLC grew its stake in shares of Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after acquiring an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares during the last quarter. Finally, Atreides Management LP lifted its position in Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares during the period. 97.03% of the stock is owned by institutional investors.

About Elastic

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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.

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