Robert W. Baird Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target hoisted by Robert W. Baird from $135.00 to $140.00 in a research note released on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also commented on ESTC. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Stifel Nicolaus raised their price target on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. The Goldman Sachs Group raised their price target on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Scotiabank cut their price target on Elastic from $135.00 to $127.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, January 21st. Finally, Barclays raised their price target on Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $131.09.

Elastic Stock Performance

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

Elastic (NYSE:ESTC) last released 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). The business had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction 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 $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Private Advisor Group LLC acquired a new stake in shares of Elastic during the third quarter worth about $211,000. Van ECK Associates Corp acquired a new stake in shares of Elastic during the third quarter worth about $2,540,000. Fernwood Investment Management LLC lifted its holdings in shares of Elastic by 1.3% during the third quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock worth $2,046,000 after purchasing an additional 350 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after purchasing an additional 201 shares during the period. Finally, Fiera Capital Corp acquired a new stake in shares of Elastic during the third quarter worth about $15,623,000. 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.